A.M. Best Upgrades Credit Rating of Farm Bureau Property & Casualty Group in Iowa
A.M. Best has upgraded the Long-Term Issuer Credit Rating to “a+” from “a” and affirmed the Financial Strength Rating of “A” of Farm Bureau Property & Casualty Insurance Co. and Western Agriculture Insurance Co., collectively known as Farm Bureau Property & Casualty Group.
Both companies are domiciled in West Des Moines, Iowa.
The outlook of the Long-Term ICR has been revised to stable from positive, while the outlook of the FSR remains stable.
The rating upgrade reflects the group’s strong risk-adjusted capitalization, favorable operating performance and well-established market presence, according to A.M. Best.
These positive rating factors are partially offset by the group’s geographic concentration in the Midwest, which exposes its earnings to catastrophe losses stemming from wind, hail, tornadoes and winter storms as observed through the first half of 2017, according to A.M. Best.