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FOR IMMEDIATE RELEASE
OLDWICK - MAY 19, 2020 03:28 PM (EDT)
AM Best has upgraded the Financial Strength Rating (FSR) to A (Excellent) from A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) to “a” from “a-” of the members of United Farm Bureau of Indiana Group (Indiana Farm Bureau): United Farm Family Mutual Insurance Company and its wholly owned subsidiary, UFB Casualty Insurance Company. The outlook of these Credit Ratings (ratings) has been revised to stable from positive.
Concurrently, AM Best has affirmed the FSR of A (Excellent) and the Long-Term ICR of “a” of United Farm Family Life Insurance Company (UFF Life). AM Best also has affirmed the FSR of A- (Excellent) and the Long-Term ICR of “a-” of United Home Life Insurance Company (UH Life). The outlook of these ratings remains stable. All companies are domiciled in Indianapolis, IN.
The ratings of Indiana Farm Bureau reflect its balance sheet strength, which AM Best categorizes as strongest, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management (ERM).
The rating upgrades reflect the company’s consistent organic growth in surplus and superior risk-adjusted capitalization. In addition, the company maintains strong reserving, a conservative investment portfolio and excellent liquidity. Considering these positive characteristics, in conjunction with its commitment to organic surplus growth, AM Best assesses the balance sheet strength as strongest.
The ratings of UFF Life reflect its balance sheet strength, which AM Best categorizes as strongest, as well as its adequate operating performance, neutral business profile and appropriate ERM.
The ratings of UH Life reflects its balance sheet strength, which AM Best categorizes as strong, as well as its adequate operating performance, limited business profile and appropriate ERM.
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 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.
AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in New York, London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.