JACKSON — A.M. Best Co. has revised the outlook to “positive” from “stable” and affirmed the financial strength rating of “B++ (Good)” and issuer credit of “bbb+” of Mississippi Farm Bureau Casualty Insurance Company (Mississippi FB Casualty) of Jackson.
A.M. Best wrote: “The positive outlook reflects Mississippi FB Casualty’s continued strong operating earnings and improved risk-adjusted capitalization through organic surplus growth. The ratings also recognize Mississippi FB Casualty’s favorable risk-adjusted capitalization, prudent risk-management strategies and the historical support the company receives from its parent, Southern Farm Bureau Casualty Insurance Company (Jackson, Miss.). These positive rating factors are reflective of management’s underwriting and catastrophe management initiatives.
“Partially offsetting these positive rating factors are Mississippi FB Casualty’s property concentration in Mississippi. With a single state geographic concentration, earnings are exposed to catastrophic losses as well as market and regulatory concerns. However, considerable catastrophe reinsurance is maintained to insulate Mississippi FB Casualty’s surplus and earnings.”
BEFORE YOU GO…
… we’d like to ask for your support. More people are reading the Mississippi Business Journal than ever before, but advertising revenues for all conventional media are falling fast. Unlike many, we do not use a pay wall, because we want to continue providing Mississippi’s most comprehensive business news each and every day. But that takes time, money and hard work. We do it because it is important to us … and equally important to you, if you value the flow of trustworthy news and information which have always kept America strong and free for more than 200 years.
If those who read our content will help fund it, we can continue to bring you the very best in news and information. Please consider joining us as a valued member, or if you prefer, make a one-time contribution.Click for more info