A.M. Best Co. has affirmed the financial strength rating of ‘B’ (Fair) and the issuer credit rating of “bb” of Farmers Mutual Insurance Company (PA) of Elizabethtown, Penna. with a negative outlook.
Concurrently, Best withdrew the ratings and assigned a category NR-4 (Company Request) to Farmers Mutual. “These rating actions are at the request of Farmers Mutual’s management to be withdrawn from A.M. Best’s interactive rating process,” said the bulletin.
“The rating affirmations reflect Farmers Mutual’s present capital position. However, the outlook recognizes continuing pressure on the ratings owing to poor operating performance, which continues to stress Farmers Mutual’s risk-adjusted capitalization,” Best explained.
Source: A.M. Best – www.ambest.com
Topics Agribusiness
Was this article valuable?
Here are more articles you may enjoy.
Hordes of Teens on E-Bikes Force Suburbs to Rewrite Road Rules 
NYC Restaurants Shut Off Air Conditioning, Close on Sundays as Costs Surge 
Europe’s Insurers Cut Coverage of Weather Losses, Report Says 
AI Bubble Risks Worst S&P 500 Crash Since 2008, Strategist Says 
