A.M. Best Co. announced it has downgraded the financial strength rating (FSR) to A- (Excellent) from A+ (Superior) and issuer credit rating (ICR) to “a-” from “aa-” of Farm Bureau County Mutual Insurance Company of Texas (County Mutual), headquartered in Waco, Texas. The ratings have been placed under review with developing implications.
County Mutual’s previous FSR of A+ (Superior) and ICR of “aa-” were received from Southern Farm Bureau Casualty Insurance Company (Southern) of Ridgeland, Miss., as a result of a 100 percent quota share reinsurance agreement. However, effective Jan. 1, 2009, County Mutual moved its reinsurance agreement to Texas Farm Bureau Casualty Insurance Company (TFBCIC), also based in Waco. As a result, County Mutual no longer meets the criteria to receive the ratings of Southern and now is being rated as a separate entity.
The ratings will remain under review until A.M. Best completes a full rating evaluation of TFBCIC.
Source: A.M. Best, www.ambest.com/ratings
Daredevil CEOs May Put Companies at Risk
California Independent Contractor Law May Be Liability for Agents, Brokers
North Carolina Continues Auto Regulation Debate As Rates Stay Same for 2012
Long-time California Lobbyist Looks to 2012 Legislation Affecting Insurance
Mine Safety Chief Seeks to End Complacency Over Safety
Virginia Court Grants Rehearing of Global Warming Claims Case
Woman Takes Honda to Small-Claims, Wins Big
Federal Insurance Office Says Overdue Regulation Report Still Weeks Away
