A.M. Best Revises Outlooks to Stable for South Carolina Farm Bureau Group Members

OLDWICK, N.J.--()--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.

This press release relates to Credit Ratings that have been published on A.M. Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see A.M. Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and A.M. Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and A.M. Best Rating Action Press Releases.

A.M. Best is the world’s oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com.

Copyright © 2018 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Contacts

A.M. Best
Angelo Lozano, +1 908-439-2200, ext. 5169
Financial Analyst
angelo.lozano@ambest.com
or
Richard Attanasio, +1 908-439-2200, ext. 5432
Senior Director
richard.attanasio@ambest.com
or
Christopher Sharkey, +1 908-439-2200, ext. 5159
Manager, Public Relations
christopher.sharkey@ambest.com
or
Jim Peavy, +1 908-439-2200, ext. 5644
Director, Public Relations
james.peavy@ambest.com

Contacts

A.M. Best
Angelo Lozano, +1 908-439-2200, ext. 5169
Financial Analyst
angelo.lozano@ambest.com
or
Richard Attanasio, +1 908-439-2200, ext. 5432
Senior Director
richard.attanasio@ambest.com
or
Christopher Sharkey, +1 908-439-2200, ext. 5159
Manager, Public Relations
christopher.sharkey@ambest.com
or
Jim Peavy, +1 908-439-2200, ext. 5644
Director, Public Relations
james.peavy@ambest.com