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
Topics Texas Carriers Agribusiness
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