Standard & Poor’s Ratings Services said it has affirmed its “A” counterparty credit and financial strength ratings on Los Angeles-based Farmers Insurance Exchange and its operating subsidiaries and affiliates. The outlook on these entities remains stable.
S&P said the ratings reflect Farmers’ competitive positioning in the U.S. personal property/casualty insurance marketplace; the group’s strategic importance to Farmers Group Inc. (A+/Positive/–), a core unit of Zurich Financial Services; and strong operating performance. Partially offsetting these strengths are the group’s somewhat below-average capital strength for the current rating structure, some concentration of business in Texas and California (two states prone to natural catastrophe and regulatory risk), and competitive pressures.
For more information, visit www.ratingsdirect.com.
Topics Agribusiness
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