Outlooks Revised to Stable for Farm Bureau of Idaho Group Members
AM Best has revised outlooks to stable from negative and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” of Farm Bureau Mutual Insurance Co. of Idaho and its \ subsidiary, Western Community Insurance Co.
The companies, collectively referred to as Farm Bureau of Idaho Group, are domiciled in Pocatello, Idaho.
The ratings reflect Farm Bureau of Idaho’s balance sheet strength, which AM Best assessed as very strong, as well as its marginal operating performance, neutral business profile and appropriate enterprise risk management.
The revision of the outlooks to stable is a response to the group’s improved exposure and risk management as reflected in favorable underwriting performance and operating profitability over the past several years, according to AM Best. Management changes, rate increases, claims restructuring, and purchase of top layer reinsurance based on better modeled data have all contributed to a more comprehensive and effective ERM program, according to AM Best.
Farm Bureau of Idaho writes personal and commercial lines of insurance, as well as farm and ranch coverages.