A.M. Best upgrades insurer’s rating
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.”
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