A.M. Best upgrades insurer’s rating
by Wally Northway
Published: April 7,2010
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.”
To sign up for Mississippi Business Daily Updates, click here.
Top Posts & Pages
- PSC unanimously rejects Entergy-ITC proposed merger
- Company mulling plan to build new pipeline
- Omega Protein shifting vessels to Mississippi
- IKE TROTTER: There are primary changes in Social Security for 2014
- Conservator: Schools had too many employees
- Bankrupt Simply Wheelz chooses prevailing bidder for assets
- Study says state sacrificing billions of dollars, 20,000 jobs in refusing Medicaid expansion
- Mars Food to celebrate 35 years in Port City
- Tennessee-based manufacturer sites plant in industrial park