Best downgrades church insurer to B++

Rating agency A.M. Best Co. Inc. said Thursday it has downgraded Brotherhood Mutual Insurance Co.’s financial strength rating to good B++ from A-.

The Fort Wayne, Indiana-based insurer, which specializes in providing coverage to churches and related ministries, was downgraded primarily due to deterioration in its underwriting earnings, Best said.

Brotherhood’s surplus position, volatility in reserves development for its commercial multi-peril, liability and commercial auto business, and weather-related losses – including numerous low-level catastrophic events – contributed to the downgrade, Best said.