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Article: A.M. Best Downgrades Rating of Mississippi Farm Bureau Casualty Insurance Co.; Places Under Review with Developing Implications.
- Article from:
- Business Wire
- Article date:
- December 13, 2005
CopyrightCOPYRIGHT 2005 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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OLDWICK, N.J. -- A.M. Best Co. has downgraded the financial strength rating (FSR) to B++ (Very Good) from A++ (Superior) of Mississippi Farm Bureau Casualty Insurance Company (MFBC) (Jackson, MS) and has placed the rating under review with developing implications.
MFBC previously received the FSR of A++ (Superior) of its parent, Southern Farm Bureau Casualty Insurance Company (SFB) (Ridgeland, MS), as a result of a 100% quota share reinsurance agreement. However, MFBC has purchased the renewal rights of Mississippi Farm Bureau Mutual Insurance Company (MFBM) (Jackson, MS), which changes the risk profile of MFBC as it will now retain property risks. As a result, ...