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
Was this article valuable?
Here are more articles you may enjoy.
Starbucks Must Face Shareholder Lawsuit Over Surprise Sales Decline 
Estimate to Rebuild Baltimore’s Key Bridge Doubles to $5 Billion 
Ex-Lloyd’s CEO Lost $17 Million AIG Job After Office Romance 
NFIP Reauthorized With Passage of Funding Bill to End Government Shutdown 
