AM Best Revises Outlooks to Negative for Florida Farm Bureau Group’s Members
AM Best has revised the outlooks to negative from stable and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings of “a-” (Excellent)
The Credit Ratings (ratings) reflect Florida Farm Bureau Group’s balance sheet strength, which AM Best assesses as very strong, as well as its marginal operating performance, limited business profile and appropriate enterprise risk management (ERM). Additionally, the ratings reflect enhancement given the implicit and explicit support provided by its parent,
The revised outlooks reflect the continued volatility in the group’s policyholder surplus. Since 2016, Florida Farm Bureau Group’s surplus declined
Florida Farm Bureau Group’s business profile assessment reflects the group’s limited operating territory within a hurricane-prone state. Severe weather continues to be the group’s primary risk, and much of its ERM program has been centered appropriately around mitigating this exposure through a comprehensive catastrophe reinsurance program.
This press release relates to Credit Ratings that have been published on AM 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 AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.
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Source: AM Best
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