A.M. Best Affirms Credit Ratings of the Farmers Automobile Insurance Association and Its Subsidiaries
Pekin Life is a publicly traded, over-the-counter company, although the majority of its shares are owned by The
The ratings of Pekin reflect its balance sheet strength, which
Pekin’s balance sheet strength reflects the strongest level of risk-adjusted capitalization, a conservative investment portfolio and historically favorable reserve development. Partially offsetting these positive rating factors is the elevated reserve leverage compared with the composite. Pekin’s operating performance has been volatile, driven by weather-related losses and rising loss costs in the auto business. However,
Negative rating action could occur if underwriting and operating performance continue to compare unfavorably with composite averages.
The ratings of Pekin Life reflect its balance sheet strength, which
The ratings of Pekin Life also reflect its integral role and positive contribution to its P/C parent organization, as well as its diversified product portfolio, strongest level of risk-adjusted capitalization and high quality investment portfolio. Partially offsetting these rating factors are the company’s fluctuating operating results and its geographical business concentration risk. The main operating pressures experienced by Pekin Life are its lack of scale to support the diverse product line and its relatively high operating expenses.
This press release relates to Credit Ratings that have been published on A.M. Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see A.M. Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and
Copyright © 2018 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
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A.M. Best Affirms Credit Ratings of Reinsurance Group of America, Incorporated and Its Subsidiaries
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