MAY 23, 2023 09:17 AM (EDT)
AM Best Upgrades Credit Ratings for Members of Farm Bureau of Idaho Group
|Richard Attanasio |
+1 908 439 2200, ext. 5432
+1 908 439 2200, ext. 5619
Associate Director, Public Relations
+1 908 439 2200, ext. 5159
Senior Public Relations Specialist
+1 908 439 2200, ext. 5098
FOR IMMEDIATE RELEASE
OLDWICK - MAY 23, 2023 09:17 AM (EDT)
AM Best has upgraded the Financial Strength Rating to A (Excellent) from A- (Excellent) and the Long-Term Issuer Credit Ratings to “a” (Excellent) from “a-” (Excellent) 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 (Idaho Farm Bureau). The outlook of these Credit Ratings (ratings) has been revised to stable from positive. All companies are domiciled in Pocatello, ID.
The ratings reflect Idaho Farm Bureau’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management (ERM),
The rating upgrades reflect a revision in the group’s operating performance assessment to adequate from marginal. The improved performance metrics reflect management’s various underwriting initiatives, including rate increases and more refined underwriting guidelines, as well as systems and operational enhancements. Accordingly, Idaho Farm Bureau has posted four consecutive years of positive underwriting income and growth in surplus despite its single-state concentration and exposure to weather-related events.
Idaho Farm Bureau’s balance sheet strength is supported by its risk-adjusted capitalization at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR), conservative premium and loss-reserve leverage measures, prudent investment portfolio and comprehensive reinsurance program. Idaho Farm Bureau’s neutral business profile reflects its strong market share position, brand recognition and high retention across its various lines of business. AM Best considers Idaho Farm Bureau’s ERM program to be appropriate for its size and scope of operations.
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 Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.
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.