|
|
Article: Fitch Affirms State Farm's IFS at 'AA+'; Outlook Negative.
- Article from:
- Agriculture Business Week
- Article date:
- April 2, 2009
CopyrightCOPYRIGHT 2009 NewsRX. 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)
|
Fitch Ratings affirms its Insurer Financial Strength (IFS) ratings for State Farm Mutual Automobile Insurance Company (State Farm), State Farm Life Insurance Company (State Farm Life) and State Farm Life and Accident Assurance Company at 'AA+'. The Rating Outlook is Negative.
The Negative Rating Outlook reflects both State Farm's exposure to equity markets and below average underwriting performance in its core markets. State Farm's ratings could face downward pressure due to further deterioration in statutory surplus from investment losses or if underwriting losses continue at 2008 levels.
State Farm statutory surplus declined by greater than $10 billion ...