A.M. Best Co. has upgraded the financial strength rating of the Farmers Insurance Group to A+ from A. The rating applies to the 18 members of the group and acknowledges Farmers Insurance Group as a core and integral operation of the Zurich Financial Services Group, Switzerland, thereby qualifying it for the A+ rating of the worldwide group.
Zurich, one of the top five insurers in the world, with $48 billion in gross premiums, maintains superior financial strength, extensive product offerings and multiple distribution channels. Farmers accounts for approximately 23 percent of Zurich’s worldwide premiums, is a dominant personal lines insurer with a strong brand name in one of Zurich’s key markets, and provides the overall organization with cross-marketing opportunities and best practices expertise in many operational areas.
The rating also reflects the Farmers Insurance Group’s improved financial performance in recent years, strengthened capitalization and management’s strategic plans to maintain and enhance the group’s strong competitive market position.
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