AM Best Upgrades Credit Rating of State Farm Florida Insurance Co.

AM Best has upgraded the FSR to A- (Excellent) from B++ (Good) and the Long-Term ICR to “a-” from “bbb+” of State Farm Florida Insurance Co. (State Farm Florida) based in Winter Haven, Fla.

The outlook of these ratings has been revised to stable from positive.

The ratings of State Farm Florida reflect its balance sheet strength, which AM Best categorizes as adequate, as well as its adequate operating performance, neutral business profile and appropriate ERM. The ratings also reflect lift, as defined within BCRM, from its parent, State Farm Mutual.

Source: AM Best