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NEW YORK–(BUSINESS WIRE)–Kroll Bond Rating Agency (KBRA) releases its U.S. Fraternal Benefit Societies Have Come a Long Way: 2019 Update, which discusses the significance of fraternal benefit societies in the United States. Also known as fraternals, KBRA believes these policyholder-owned, nonprofit organizations play a key role in the life insurance industry as providers of financial services while uniting people through a common bond such as religion, ethnicity, or occupation.
The report includes a detailed exhibit listing all active U.S. fraternals and recent financial data. KBRA notes that overall fraternal membership is on a declining trend, while the sector’s admitted assets and capital & surplus levels increased about 4% and 10%, respectively, from midyear 2018 to midyear 2019.
Fraternals have been challenged to grow members, influenced by several demographic and environmental trends. Additionally, the societies have historically resisted change and were not effectively communicating the fraternal story. This was even true coming out of the financial crisis, when policyholder-owned companies were viewed much more favorably than their publicly-traded peers.
Over the last several years, KBRA believes that fraternals have taken considerable steps to address these issues, the most significant being the societies’ inability to effectively communicate their great community story. These organizations have essentially reinvented themselves, positioning fraternals as key providers of financial services products and, most importantly, demonstrating commitment to community service reinforced by a common bond.
To view the report, click here.
Related Publications: (available at www.kbra.com)
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About KBRA and KBRA Europe
KBRA is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider and is a certified Credit Rating Agency (CRA) by the European Securities and Markets Authority (ESMA). Kroll Bond Rating Agency Europe Limited is registered with ESMA as a CRA.
Andrew Edelsberg, Managing Director
Brian Spadaccino, CFA, Director
Donna Halverstadt, Managing Director
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