A.M. Best Downgrades South Carolina Farm Bureau Group Members

A.M. Best has downgraded the financial strength rating to B+ (Good) from B++ (Good) and the issuer credit ratings to “bbb-” from “bbb” of South Carolina Farm Bureau Mutual Insurance Co. and Palmetto Casualty Insurance Co. (together known as South Carolina Farm Bureau Group). The outlook for all ratings remains negative. Both companies are domiciled in Cayce-West Columbia, S.C.

According to A.M. Best, the ratings downgrades reflects a continued trend of unfavorable operating and underwriting performance over the latest five-year period. This has been primarily due to repeated occurrences of frequent and severe weather events, which have produced significant underwriting losses that have eroded the group’s capital position, according to the rating agency.