Standard & Poor’s Ratings Services announced that it has lowered its counterparty credit and financial strength ratings on West Virginia-based Farmers & Mechanics Mutual Insurance Co. to ‘Bpi’ from ‘BBpi’ “because of F&M’s continuing weak operating performance, geographic concentration, and reduced capitalization and surplus levels.”
S&P indicated that the company, which began doing business in 1878, “writes mainly homeowners multi-peril, fire, and farmowners insurance in West Virginia, which is its only licensed state.”
It operates primarily through independent agents, and is unaffiliated with any other insurance company. The ratings are on a “stand-alone basis,” noted S&P credit analyst Alan Koerber.
Topics Agribusiness
Was this article valuable?
Here are more articles you may enjoy.
Death of Teenager on Carnival Cruise Ship Ruled a Homicide 
Surveys Show Concerns About Florida Market, But Consumers Are Warming Up 
Pierce Named CEO of GEICO as Combs Resigns 
Dunkin’ Cashier in Georgia, Stabbed by Rapper, Can’t Claim More Than Workers’ Comp 
