MARCH 31, 2021 03:25 PM (EDT)
AM Best Revises Outlooks to Stable for Members of Farm Bureau of Idaho Group
|Angelo Lozano |
Senior Financial Analyst
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Manager, Public Relations
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FOR IMMEDIATE RELEASE
OLDWICK - MARCH 31, 2021 03:25 PM (EDT)
AM Best has revised outlooks to stable from negative and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” of Farm Bureau Mutual Insurance Company of Idaho and its indirect subsidiary, Western Community Insurance Company, collectively referred to as Farm Bureau of Idaho Group (Farm Bureau of Idaho). All companies are domiciled in Pocatello, ID.
These Credit Ratings (ratings) reflect Farm Bureau of Idaho’s balance sheet strength, which AM Best assesses as very strong, as well as its marginal operating performance, neutral business profile and appropriate enterprise risk management (ERM).
The revision of the outlooks to stable is in response to the group’s improved exposure and risk management as reflected in favorable underwriting performance and operating profitability over the past several years. In addition, management changes, rate increases, claims restructuring and additional purchase of top layer reinsurance based on better modeled data have all contributed to a more comprehensive and effective ERM 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 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 London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.