Hortica’s (Florists’ Mutual Insurance Company and Florists’ Insurance Company) financial strength and issuer credit ratings were upgraded to A+ (Superior) and “aa-“ by A.M. Best, the insurance industry’s leading rating organization. Additionally, the company has been assigned a stable outlook.
A.M. Best made the announcement today as a result of Hortica’s affiliation with Sentry Insurance, becoming part of the Sentry Insurance Group. The affiliation was announced in May and finalized on July 1.
“Florists’ is expected to benefit from the shared expertise, service and financial support of Sentry. The ratings of Sentry have been extended to Florists’ Mutual,” A.M. Best stated in its news release. A.M. Best does not anticipate near-term changes to Sentry’s ratings.
“This is the news we’d hoped for when we announced our intention to join Sentry,” said Mona Haberer, Hortica CEO. “The announcement confirms that Hortica is in a strong position to continue providing policyholders the service and expertise they expect.”
“Both Sentry and Hortica have long histories of serving policyholders. Customers will benefit from Hortica’s unparalleled experience in the horticultural industry as well as Sentry’s business systems, technology and financial strength,” said Pete McPartland, Sentry’s president, CEO and chairman of the board. “Sentry is committed to growing Hortica as never before.”