AM Best Downgrades Curi Insurance Group's Credit Ratings

Ratings placed under review with negative implications due to surplus decline and adverse loss reserve development

Apr. 9, 2026 at 9:57pm

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A close-up macro photograph of heavy, intricate banking machinery and mechanisms, such as gears, levers, and circuits, in muted metallic tones, representing the complex financial infrastructure that underpins the insurance industry.The downgrade of Curi Insurance Group's credit ratings highlights the importance of robust financial controls and risk management in the insurance industry.Today in Raleigh

AM Best has downgraded the Financial Strength Rating (FSR) and Long-Term Issuer Credit Ratings (Long-Term ICRs) of the members of Curi Insurance Group (Curi) in Raleigh, North Carolina. The ratings have also been placed under review with negative implications due to a deterioration in Curi's overall balance sheet strength and operating performance driven by material adverse development and surplus decline.

Why it matters

The downgrade and negative review of Curi's credit ratings reflect concerns about the group's financial stability and ability to meet its insurance obligations. This could impact Curi's ability to attract and retain customers, as well as its competitiveness in the insurance market. The issues also raise questions about Curi's internal controls, underwriting practices, and governance.

The details

AM Best downgraded Curi's FSR to A- (Excellent) from A (Excellent) and its Long-Term ICRs to 'a-' (Excellent) from 'a' (Excellent). The ratings were placed under review with negative implications due to a significant decline in Curi's surplus position, driven by adverse loss reserve development and large underwriting losses. This has led to a deterioration in Curi's risk-adjusted capitalization and rising underwriting leverage, as well as declining liquidity metrics.

  • On April 9, 2026, AM Best downgraded Curi's credit ratings.

The players

Curi Insurance Group

A North Carolina-based insurance group that includes UMIA Insurance, Inc., MMIC Insurance, Inc., Medical Mutual Insurance Company of North Carolina, Medical Security Insurance Company, and MMIC Risk Retention Group, Inc.

AM Best

A credit rating agency that specializes in the insurance industry.

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What they’re saying

“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.”

— Vicky Riggs, Associate Director

What’s next

AM Best will continue to monitor Curi's financial situation and operational plans as it determines whether to further downgrade the group's credit ratings.

The takeaway

The downgrade and negative review of Curi's credit ratings highlight the importance of strong financial management and risk controls in the insurance industry. The issues faced by Curi could impact its competitiveness and ability to serve its customers, underscoring the need for insurance companies to maintain a robust balance sheet and prudent underwriting practices.