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FOR IMMEDIATE RELEASE
OLDWICK - FEBRUARY 24, 2022 09:39 AM (EST)
AM Best has removed from under review with positive implications and upgraded the Financial Strength Rating to A+ (Superior) from A (Excellent) and the Long-Term Issuer Credit Rating to “aa-” (Superior) from “a” (Excellent) of Mississippi Farm Bureau Casualty Insurance Company (Mississippi Farm Bureau) (Jackson, MI). The outlook assigned to these Credit Ratings (ratings) is stable. Mississippi Farm Bureau is a newly added member of Southern Farm Bureau Casualty Group (Southern Farm Bureau) and a wholly owned subsidiary of Southern Farm Bureau Casualty Insurance Company.
The ratings reflect the consolidated balance sheet strength of Southern Farm Bureau, which AM Best assesses as strongest, as well as its adequate operating performance, favorable business profile and appropriate enterprise risk management.
Mississippi Farm Bureau was added as a member of Southern Farm Bureau through a 100% quota share reinsurance agreement with Southern Farm Bureau Casualty Insurance Company. Within the agreement, Mississippi Farm Bureau will remain an ongoing entity and will cede all property and casualty business to Southern Farm Bureau. As a result of the newly instituted intercompany reinsurance agreement between both companies, Mississippi Farm Bureau receives full rating enhancement up to the level of Southern 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 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.