You Mentioned Rating Services. How Do I Go About Checking Up On A Company’s Financial Strength?
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UPDATED: Jul 15, 2021
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A. M. Best Company, Moody’s Investor Service, Standard & Poor’s, Duff & Phelps, and Weiss Research provide financial information and ratings for insurance companies. The A. M. Best book for companies is available in many libraries, and you can visit its Web site at https://www.ambest.com. Each service uses a different rating scheme — you should read the ratings definitions for that service. Stick with companies that meet the service’s criteria for being in the top categories–such as “excellent” or “very good.” If you use Weiss Research’s ratings, you may find them a bit lower than the others as they tend to be relatively tough graders. Also, be sure that any ratings you use have not been changed since the publication date of the source. You should look for update sheets or call the rating company to be sure.