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Article: A.M. Best Downgrades Ratings of Farm Bureau County Mutual Insurance Company of Texas; Places Under Review with Developing Implications.
- Article from:
- Business Wire
- Article date:
- February 4, 2009
CopyrightCOPYRIGHT 2009 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 A- (Excellent) from A+ (Superior) and issuer credit rating (ICR) to "a-" from "aa-" of Farm Bureau County Mutual Insurance Company of Texas (County Mutual) (Waco, TX). The ratings have been placed under review with developing implications.
County Mutual's previous FSR of A+ (Superior) and ICR of "aa-" were received from Southern Farm Bureau Casualty Insurance Company (Southern) (Ridgeland, MS) as a result of a 100% quota share reinsurance agreement. However, effective January 1, 2009, County Mutual moved its reinsurance agreement to Texas Farm Bureau Casualty Insurance Company ...