Press Release - FEBRUARY 01, 2019
AM Best Places Credit Ratings of Colorado Farm Bureau Mutual Insurance Company Under Review With Positive Implications
FOR IMMEDIATE RELEASE
OLDWICK - FEBRUARY 01, 2019
The transaction is expected to close during the summer of 2019 pending regulatory and voter approval. The under review with positive implications status reflects the potential for enhanced competitiveness from Colorado Farm Bureau by generating greater efficiencies and significant opportunities for improved financial performance if it becomes a subsidiary of Southern Farm Bureau Casualty, one of the largest property and casualty companies in the United States and a leading writer of auto in the southeast United States. Southern Farm Bureau Casualty has more-than-sufficient financial flexibility ($1.4 billion of policyholder surplus) and a history of supporting its subsidiaries if needed. Through nine months of 2018, Southern Farm Bureau Casualty recorded policyholder surplus growth and strong positive net earnings.
The ratings will remain under review pending the completion of the transaction and AM Best’s assessment of Southern Farm Bureau Casualty’s future operating plans for Colorado Farm Bureau.
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 Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.
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