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Church Insurance Market Intelligence
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“Inclusion of any carrier does not imply wrongdoing, recommendation, or suitability. All information is drawn from publicly available sources with direct links to originals. Ratings and market conditions change – verify current status before making decisions.”
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How to Read AM Best Ratings
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Rating Category What It Means
A++, A+ Superior Strongest financial position
A, A- Excellent Strong financial position
B++, B+ Good Adequate financial position
B, B- Fair Marginal financial position
C++, C+, C, C- Marginal/Weak Vulnerable financial position

Outlook indicates AM Best’s expectation for the rating’s direction: Stable means no expected change. Negative means downward pressure. Under Review with Negative Implications means AM Best is actively evaluating for a possible downgrade.

At-a-Glance Summary Table
Carrier Type AM Best FSR OutlookBacking Entity
Church Mutual Specialty Mutual A (Excellent) Negative Standalone
Brotherhood Mutual Specialty Mutual B++ (Good) Negative (LT ICR) Standalone
GuideOne Mutual / Platform A- (Excellent) Stable Bain Capital / Mutual Group
Southern Mutual Church Specialty Mutual B++ (Good)* Rating Withdrawn Standalone
Glatfelter Ministry Care Program / MGA A (Excellent) Via AIG carrier AIG
Great American Commercial A+ (Superior) Stable American Financial Group
The Hartford Commercial A+ (Superior) Stable Hartford Financial Services
USLI Commercial A++ (Superior) Stable Berkshire Hathaway
Philadelphia (PHLY) Commercial A++ (Superior) Stable Tokio Marine Group
Nationwide Commercial A+ (Superior) Stable Nationwide Mutual
The Hanover Commercial A (Excellent) Stable Hanover Insurance Group
AmTrust Commercial A (Excellent) Stable AmTrust Financial Services
Liberty Mutual Commercial A (Excellent) Stable Liberty Mutual Group
Chubb Commercial A++ (Superior) Stable Chubb Limited

* Southern Mutual Church Insurance withdrew from AM Best’s interactive rating process at the company’s request, concurrent with a two-notch downgrade (October 2024).

Individual Carrier Profiles

Tier 1

Church-Dedicated Specialty Carriers

These four carriers were built specifically to insure churches. Together they have historically covered the vast majority of church insurance policies in the United States. Between 2023 and 2025, all four experienced financial pressure from converging factors including severe weather losses, reinsurance cost increases, and rising claims severity. Their current positions vary significantly — the individual profiles below reflect where each carrier stands today based on the public record.

Church Mutual

Rating Badge

AM Best Financial Strength Rating

A (Excellent)

Outlook

Negative

Overview

  • Founded: 1897
  • Headquarters: Merrill, Wisconsin
  • Structure: Stock insurer (policyholders are members of parent mutual holding company)

Church Mutual is the largest insurer of religious organizations in the United States. They also serve nonprofits, human services organizations, camps, schools, and colleges. They are licensed in all 50 states.

Rating History Timeline

March 2025: AM Best affirmed FSR of A (Excellent) with NEGATIVE outlook. Removed from under-review status. Cited “very strong” balance sheet but noted challenges from increased claims costs, social inflation, and catastrophic events.
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August 2024: AM Best placed under review with negative implications the Long-Term Issue Credit Rating of bbb+ (Good) on Church Mutual’s $40 million, 9.5% surplus notes due 2044.

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2024: AM Best had previously placed Church Mutual’s full ratings under review with negative implications, indicating serious concern about financial trajectory.
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Key Details

What Churches Are Experiencing
Church Mutual has undertaken significant portfolio actions that are directly affecting church policyholders across the country:

Texas: Church Mutual dropped over 1,000 churches heading into 2024, according to communications the company sent to policyholders. (Source: Christian Chronicle, January 2024)

Louisiana: Church Mutual no longer offers property coverage in the state of Louisiana. (Source: Religion News Service, July 2024)

National Non-Renewals: Churches with no claims history are receiving non-renewal notices. One Houston church that had never filed a claim was dropped; replacement coverage cost $80,000/year, up from $23,000. (Source: Religion News Service, July 2024)

Company Statement: “We do not take nonrenewal decisions lightly and it represents a small percentage of our overall portfolio. For us to remain financially strong, viable and best able to serve our mission, we need to mitigate the severe impact catastrophic weather has had — and will continue to have — on our bottom line.” — Pam Rushing, Chief Underwriting Officer (Source: Religion News Service)

Key AM Best Language

“In the past few years, many property and casualty insurers faced multiple challenges — increased claims and claim costs, a challenging judicial environment in some states (social inflation) and catastrophic events that produced a record number of claims.” — AM Best, March 2025

Source Links

AM Best Press Release: March 2025 Rating Affirmation
Insurance Journal: March 2025 Coverage
Religion News Service: July 2024 — Church Insurance Crisis
Christian Chronicle: January 2024 — Non-Renewal Impact

Rating Badge

AM Best Financial Strength Rating

B++ (Good)

Outlook

Negative (LT ICR)

Overview

  • Founded: 1917
  • Headquarters: Fort Wayne, Indiana
  • Structure: Standalone mutual
Brotherhood Mutual is the second-largest U.S. provider of property and casualty insurance to Christian churches and related ministries. They serve more than 67,000 customers including churches, Christian schools, camps, colleges, and mission organizations. They also operate MinistryWorks, the largest payroll service specializing in Christian ministries.

Rating History Timeline

April 2024: AM Best DOWNGRADED FSR to B++ (Good) from A- (Excellent). Long-Term ICR downgraded to “bbb+” from “a-“. FSR outlook revised to stable; Long-Term ICR outlook is negative. Cited erosion in surplus, deteriorating risk-adjusted capitalization, elevated leverage, and volatility in reserve development.
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January 2019: AM Best previously downgraded Brotherhood from A (Excellent) to A- (Excellent). Cited decline in risk-adjusted capitalization and instability of loss reserves following significant reserve strengthening in 2018.

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Key Details

What Churches Are Experiencing

Rate Increases: Texas Department of Insurance data shows Brotherhood Mutual fire and allied lines rates increased 30.6% for 2024, with an average increase of 20.4% since 2019. (Source: Christian Chronicle, January 2024)

Underwriting Tightening: Management has introduced wind and hail deductibles in coastal areas, significant rate increases, a quota share reinsurance arrangement, and tighter underwriting guidelines. (Source: AM Best, April 2024)

Denominational Impact: Multiple Baptist and evangelical denominational networks that had long-standing relationships with Brotherhood Mutual are reporting rate shock and coverage restrictions. (Source: Baptist Standard, July 2024)

Key AM Best Language

“The ratings downgrade reflects erosion in the company’s surplus position and correlating risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), elevated leverage metrics, and volatility in its commercial multi-peril, liability and commercial auto reserve development. Erosion in Brotherhood’s capital was primarily driven by a progressive deterioration in underwriting earnings.” — AM Best, April 2024

Source Links

AM Best Press Release: April 2024 Downgrade
Brotherhood Mutual: Financial Ratings Page
Baptist Standard: July 2024 Coverage

Rating Badge

AM Best Financial Strength Rating

A- (Excellent)

Outlook

Stable

Overview

  • Founded: 1947 (as Preferred Risk Mutual)
  • Headquarters: West Des Moines, Iowa
  • Structure: Mutual carrier — operational platform now managed by The Mutual Group (Bain Capital)
GuideOne is the third major church specialty carrier. They serve religious organizations, nonprofits, and human services businesses. In 2023, GuideOne experienced significant financial pressure, leading to an AM Best review with negative implications. The company secured a $200 million capital infusion from Bain Capital Insurance, and AM Best subsequently removed the under-review status and affirmed an A- (Excellent) rating with a stable outlook. GuideOne’s current financial position reflects that recapitalization

Rating History Timeline

Early 2024: AM Best removed under-review status and affirmed A- (Excellent) with stable outlook following $200 million capital infusion from Bain Capital Insurance. Noted that balance sheet strength is strong but operating performance is marginal.
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July 2023: AM Best placed ratings under review with negative implications due to “significant decline in surplus and risk-adjusted capital ratios.” Noted GuideOne was seeking capital solutions.

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December 2017: AM Best downgraded GuideOne from A (Excellent) to A- (Excellent) and assigned negative outlook. Cited material downturn in operating results, material losses in capitalization, and substantial adverse reserve development.
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Key Details

The Bain Capital / Mutual Group Restructuring
In December 2023, Bain Capital Insurance invested $200 million into GuideOne through the creation of The Mutual Group, a new insurance services platform. This transaction fundamentally changed GuideOne’s operational structure:

What Changed: Bain Capital acquired GuideOne’s operational platform — underwriting, claims, reinsurance purchasing, and technology systems — to create The Mutual Group. GuideOne remains a mutual insurance company owned by its policyholders, but operations are now managed by The Mutual Group.

Capital Impact: The $200 million went to strengthen GuideOne’s balance sheet and surplus position. AM Best noted this “puts GuideOne in a much stronger capital position following significant surplus deterioration.”

What It Means for Churches: GuideOne’s rating stabilized and the immediate financial crisis was resolved. However, the underlying operational challenges that led to the crisis — weather losses, underwriting volatility, reserve deterioration — are now being managed by a private equity-backed platform with different incentives than a traditional mutual.

What Churches Are Experiencing

Rate Increases: Texas DOI data shows GuideOne fire and allied lines premiums increased 8.7% for 2024, with an average increase of 3.8% since 2019. More moderate than Brotherhood but still above historical norms. (Source: Christian Chronicle)

Capacity Constraints: As displaced churches from Church Mutual and Brotherhood seek alternatives, GuideOne has experienced application surges. Not all can be accommodated. (Source: churchagent.net)

Source Links

Bain Capital / Mutual Group: December 2023 Announcement
AM Best: July 2023 Under Review
GuideOne: Financial Strength Page
Carrier Management: Rating Action Coverage

Rating Badge

AM Best Financial Strength Rating

B++ (Good)*

Outlook

Rating Withdrawn

Overview

  • Founded: 1928
  • Headquarters: Columbia, South Carolina
  • Structure: Standalone mutual Southern Mutual
Church Insurance Company serves over 10,800 churches across six states in the southeastern United States. They insure churches of various denominations and have historically focused on the Southeast — a region heavily exposed to severe convective storms and hurricanes.

Rating History Timeline

October 2024: AM Best DOWNGRADED FSR to B++ (Good) from A (Excellent) and Long-Term ICR to “bbb+” from “a”. FSR outlook stable; Long-Term ICR outlook negative. SIMULTANEOUSLY, AM Best WITHDREW the ratings because SMCIC “requested to no longer participate in AM Best’s interactive rating process.”
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February 2024: AM Best placed ratings under review with negative implications. Cited “declining levels of risk-adjusted capitalization” and “deteriorating underwriting and overall performance trends” driven by “increase in frequency and severity of losses from weather-related events, particularly severe convective storms.”

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June 2021: AM Best had UPGRADED SMCIC to A (Excellent) from A- (Excellent) citing improved balance sheet strength, surplus growth, and strong operating performance.
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The Rating Withdrawal

Southern Mutual Church Insurance’s decision to withdraw from AM Best’s interactive rating process is a significant event. When a carrier opts out of the AM Best process, it means AM Best can no longer conduct its standard interactive review. The company’s own website references a Demotech rating and an AM Best rating, but the AM Best interactive rating was withdrawn at the company’s request concurrent with a two-notch downgrade.

Church leaders whose policies are with Southern Mutual Church should understand that the last AM Best interactive rating was B++ (Good) with a negative long-term outlook — before it was withdrawn.
Key AM Best Language

“The rating downgrades reflect deterioration in SMCIC’s balance sheet strength assessment due to a material decline in surplus as of year-end 2023 and through the first half of 2024.” — AM Best, October 2024

Source Links

AM Best Press Release: October 2024 Downgrade & Withdrawal
AM Best Press Release: February 2024 Under Review
SMCIC Website: Financial Rating Page

Tier 2

Program Managers Writing on Major Carrier Paper

Program managers operate differently than direct carriers. They design, underwrite, and service church insurance programs, but the policies are issued by — and backed by the financial strength of — a larger carrier. This means the church's claim-paying security is tied to the backing carrier, not the program manager itself.

Glatfelter Ministry Care (AIG)

Rating Badge

AM Best Financial Strength Rating

A (Excellent)

Outlook

Via AIG

Overview

  • Founded: 1951 (Glatfelter Insurance Group); Religious Practice division added later
  • Headquarters: York, Pennsylvania
  • Structure: Managing General Agent — an AIG company. Policies written on AIG carrier paper.
Glatfelter Ministry Care is a specialized program manager serving churches, synagogues, mosques, temples, and worship centers of all faiths. They operate as part of Glatfelter Insurance Group, which was acquired by AIG in 2018. They are one of the largest program managers in the United States, serving over 30,000 clients across all their niche programs.

Key Details

Financial Backing

Carrier Paper: AIG (American International Group). Policies are backed by AIG’s financial strength.

AM Best Rating: A (Excellent) via AIG carrier. AIG is a global insurer with assets and reserves vastly larger than any specialty church mutual.

Key Distinction: Unlike specialty mutuals that must fund all losses from their own surplus, Glatfelter’s church policies are backed by AIG’s global balance sheet. Weather losses in one portfolio do not directly threaten the carrier’s overall financial position.

Church Market Positioning

Glatfelter has positioned itself to write church risks that other carriers are shedding, including older buildings and more complex properties. Their marketing explicitly addresses agents who want to “compete with the big religious carriers.” They individually underwrite policies rather than using a one-size-fits-all package approach.

Coverage: Property, general liability, professional liability, abuse/molestation, D&O, commercial auto, workers compensation, inland marine, crime. Available in 49 states (all except Hawaii).

Appetite: All sizes — from small congregations to mega churches. Notably willing to underwrite older properties and complex risks that specialty mutuals have been shedding.

Source Links

Glatfelter Ministry Care: Insurance Products
Glatfelter: Company History 
Insurance Journal: AIG Acquisition of Glatfelter

Tier 3

Major Commercial Carriers Writing Church Business

These carriers write church insurance as part of broader commercial portfolios. Their financial strength is not dependent on church-specific results. They are selective about which churches they accept, but represent stable, well-capitalized alternatives to the specialty mutual carriers. Availability varies by region, church size, building age, and claims history.

Great American Insurance Group

Rating Badge

AM Best Financial Strength Rating

A+ (Superior)

Outlook

Stable

Overview

  • Headquarters: Cincinnati, Ohio
  • Parent: American Financial Group (NYSE: AFG)
  • AM Best: A+ (Superior), Stable. Affirmed December 2025
Great American offers a dedicated church insurance program through their Specialty Human Services division. Coverage includes churches, synagogues, temples, seminaries, convents, missions, monasteries, retreat houses, and shrines. They provide an inclusive package policy with property, general liability, professional liability, abuse/molestation, crime, inland marine, and auto. Their financial position is among the strongest of any carrier writing church business.

Source Links

Great American: Financial Strength
Great American: Church Insurance Program

Rating Badge

AM Best Financial Strength Rating

A+ (Superior)

Outlook

Stable

Overview

  • Headquarters: Hartford, Connecticut
  • Parent: The Hartford Financial Services Group (NYSE: HIG)
  • AM Best: A+ (Superior), Stable.
The Hartford writes church business selectively through independent agents. They have become more particular about which risks they accept, but remain an option for well-maintained churches with clean claims histories. As a top-tier commercial carrier, their financial strength is not in question.

Rating Badge

AM Best Financial Strength Rating

A++ (Superior)

Outlook

Stable

Overview

  • Headquarters: Wayne, Pennsylvania
  • Parent: Berkshire Hathaway
  • AM Best: A++ (Superior), Stable.
USLI writes church and religious organization business selectively. As a Berkshire Hathaway company, they carry the highest possible AM Best rating. They are typically more selective on eligibility but represent one of the strongest-rated options available for churches that meet their underwriting criteria.

Rating Badge

AM Best Financial Strength Rating

A++ (Superior)

Outlook

Stable

Overview

  • Headquarters: Bala Cynwyd, Pennsylvania
  • Parent: Tokio Marine Group
  • AM Best: A++ (Superior), Stable.
Philadelphia Insurance Companies serves nonprofits and religious organizations as part of their broader specialty commercial lines portfolio. Backed by Tokio Marine, one of the largest insurance groups in the world. Available through independent agents.

Rating Badge

AM Best Financial Strength Rating

A+ (Superior)

Outlook

Stable

Overview

  • Headquarters: Columbus, Ohio
  • Parent: Nationwide Mutual Insurance Company
  • AM Best: A+ (Superior), Stable.
Nationwide has a dedicated church insurance program offering property, liability, and workers compensation coverage. They market primarily toward larger churches and religious organizations. Their church program includes cyber liability, employment practices liability, and D&O coverage options.

Rating Badge

AM Best Financial Strength Rating

A (Excellent)

Outlook

Stable

Overview

  • Headquarters: Worcester, Massachusetts
  • Parent: The Hanover Insurance Group (NYSE: THG)
  • AM Best: A (Excellent), Stable.
The Hanover writes church insurance as part of their commercial lines portfolio. They offer package policies for religious organizations and are distributed through independent agents. A solid mid-tier option for churches that meet standard underwriting criteria.

Rating Badge

AM Best Financial Strength Rating

A (Excellent)

Outlook

Stable

Overview

  • Headquarters: New York, New York
  • AM Best: A (Excellent), Stable.
AmTrust writes church business and has been one of the carriers absorbing displaced accounts from the specialty mutual disruption. However, industry reports indicate they are experiencing capacity constraints — they cannot accommodate all the churches seeking alternatives. Churches may encounter longer underwriting timelines or selective acceptance.

AmTrust’s AM Best rating is stable, but their church book is experiencing rapid growth from displaced accounts. Capacity constraints may affect availability. This is not a financial concern — it is a volume and timeline consideration.

Rating Badge

AM Best Financial Strength Rating

A (Excellent)

Outlook

Stable

Overview

  • Headquarters: Boston, Massachusetts
  • AM Best: A (Excellent), Stable.
Liberty Mutual writes church business selectively. They remain in the market but have become increasingly particular about what they will accept. Churches with newer buildings, clean claims histories, and strong risk management practices are most likely to qualify.

Rating Badge

AM Best Financial Strength Rating

A++ (Superior)

Outlook

Stable

Overview

  • Headquarters: Zurich, Switzerland (Chubb Limited); U.S. operations in Philadelphia
  • AM Best: A++ (Superior), Stable.
Chubb will write larger, well-maintained church properties. They are highly selective but represent the gold standard in financial strength for any carrier writing church business. Churches with significant property values, professional management, and strong risk profiles may find Chubb competitive.
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Why This Is Happening

Concentrated Risk

Specialty mutuals insure primarily churches. Unlike diversified commercial carriers, poor results in one line affect the entire company.

Reinsurance Costs

The cost of reinsurance — the insurance that carriers buy to protect themselves — increased significantly after catastrophic losses from 2020–2023.

Severe Weather

Frequency and severity of convective storms (hail, wind, tornadoes) increased, driving higher claims in the property-heavy church segment.

Rebuild Costs

Post-COVID construction material and labor costs increased, meaning the same storm damage costs more to repair.

Claims Severity

Broader trends in litigation costs and settlement amounts affected liability exposure across all church carriers.

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