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FOR IMMEDIATE RELEASE
OLDWICK - MARCH 13, 2019 11:42 AM (EDT)
AM Best has revised the outlooks to positive from stable and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” for the members of the Virginia Farm Bureau Group: Virginia Farm Bureau Mutual Insurance Company (Virginia Farm Bureau) and its wholly owned subsidiaries, Virginia Farm Bureau Fire and Casualty Insurance Company, Virginia Farm Bureau Town and Country Insurance, and Countryway Insurance Company (Syracuse, NY). All companies are domiciled in Richmond, VA except where specified.
These Credit Ratings (ratings) reflect Virginia Farm Bureau’s balance sheet strength, which AM Best categorizes as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.
The revised outlooks reflect the continued favorable trends in the group’s balance sheet strength and operating performance metrics in recent years. The group implemented multiple underwriting and exposure management initiatives in prior years, which have resulted in consistent trends in operating performance and organic surplus growth. Additionally, the group has improved its quality of capital through prepayment of surplus note obligations. The group’s balance sheet had been hindered historically by volatility and elevated underwriting leverage ratios, which have both improved in recent years. Going forward, further improvement in the balance sheet strength could result in positive rating action.
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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