OLDWICK, N.J.--(BUSINESS WIRE)--A.M. Best has revised the outlooks to stable from negative and affirmed the Financial Strength Rating of B+ (Good) and Long-Term Issuer Credit Rating of “bbb-” of South Carolina Farm Bureau Mutual Insurance Company and Palmetto Casualty Insurance Company (together known as South Carolina Farm Bureau Group). Both companies are domiciled in Cayce-West Columbia, SC.
These Credit Ratings (ratings) reflect South Carolina Farm Bureau Group’s balance sheet strength, which A.M. Best categorizes as strong, as well as its marginal operating performance, limited business profile and marginal enterprise risk management.
The outlook revisions to stable are due to the group’s improved risk-adjusted capitalization (as measured by Best’s Capital Adequacy Ratio) and improved operating performance seen in recent years. Further, rate and coastal exposure management helped improve the company’s performance, considering frequency of attritional loss activity has not abated in South Carolina in recent years (including Hurricane Matthew in 2016).
The rating affirmations reflect comprehensive reinsurance protection, and risk management and exposure initiatives that are effectively mitigating the impact of weather-related activity and better protecting the group’s profitability and capitalization levels.
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