FEBRUARY 04, 2009 12:00 AM (EST)
A.M. Best Comments on Southern Farm Bureau Casualty Group Following Split-Off of Texas Farm Bureau Casualty Insurance Company
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FOR IMMEDIATE RELEASE
OLDWICK, N.J. - FEBRUARY 04, 2009 12:00 AM (EST)
A.M. Best Co. has commented that the ratings and outlook of Southern Farm Bureau Casualty Group (Southern) (Rigeland, MS) and its members remain unchanged following the split-off of Texas Farm Bureau Casualty Insurance Company (TFBCIC) (Waco, TX) from Southern.
TFBCIC was incorporated on August 16, 2007 as a wholly owned subsidiary of Southern Farm Bureau Casualty Insurance Company (SFBCIC) (Rigeland, MS), a member of Southern. Upon the TFBCIC's and Texas Farm Bureau Investment Corporation's (TFB Investment Corp) withdrawal from SFBCIC on January 1, 2009, ownership of TFBCIC was transferred to TFB Investment Corp, and concurrently, all assets and liabilities accumulated through SFBCIC's business in Texas were transferred to TFBCIC.
Although the split-off of TFBCIC reduces the premium and surplus of Southern considerably, as well as changes its profile, all ratings remain unchanged.
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