AM Best has revised the outlook to stable from negative for the Long-Term Issuer Credit Ratings (Long-Term ICRs) and affirmed the Financial Strength Rating (FSR) of B++ (Good) and the Long-Term ICRs of “bbb+” (Good) for the members of Texas Farm Bureau Insurance Group. The outlook of the FSR is stable. All companies are domiciled in Waco, Texas.
The ratings reflect Texas Farm Bureau Insurance Group’s balance sheet strength, which AM Best assesses as strong, as well as its marginal operating performance, neutral business profile and appropriate enterprise risk management (ERM).
The revision of the outlook to stable from negative for the Long-Term ICRs reflects improvement in the group’s recent operating performance metrics driven by management’s various initiatives including rate increases and underwriting refinement, as well as more benign weather. The stable outlooks reflect AM Best’s expectation that volatility will remain within manageable levels in the intermediate term, despite the group’s inherent weather-related exposure.
Source: AM Best
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