AM Best Downgrades Credit Ratings of Curi Insurance Group’s Members; Places Credit Ratings Under Review With Negative Implications

OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has downgraded the Financial Strength Rating (FSR) to A- (Excellent) from A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICRs) to “a-” (Excellent) from “a” (Excellent) of the members of Curi Insurance Group (Curi) (Raleigh, NC). Concurrently, AM Best has placed the Credit Ratings (ratings) under review with negative implications.

The ratings reflect Curi’s balance sheet strength, which AM Best assesses as strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.

The FSR of A- (Excellent) and the Long-Term ICRs of “a-” (Excellent) have been placed under review with negative implications for the following members of Curi Insurance Group:

• UMIA Insurance, Inc.
• MMIC Insurance, Inc.
• Medical Mutual Insurance Company of North Carolina
• Medical Security Insurance Company
• MMIC Risk Retention Group, Inc.

The rating downgrades are based on the group’s surplus position, which has been impacted materially by significant adverse loss reserve development, driving large underwriting losses and increasing loss reserve metrics. Consequently, the group’s risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), has been on a downward trend and no longer supports the strongest balance sheet strength assessment. This deterioration has been accompanied by rising underwriting leverage, adverse loss reserve development and gradually declining liquidity metrics.

The ratings have been placed under review with negative implications due to deterioration in Curi’s overall balance sheet strength and operating performance driven by material adverse development and surplus decline, significantly deviating from projections. Additionally, results raise questions regarding internal controls, due diligence and governance, as well as price adequacy, underwriting and the potential for future reserve strengthening. The group is exploring numerous strategies currently to mitigate ongoing issues. The ratings will remain under review with negative implications until AM Best is able to gather further information regarding the group’s future capitalization and operational plans.

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Copyright © 2026 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.