AM Best Comments on Credit Ratings of Farm Bureau Insurance Company of Idaho and Its Subsidiary Following Announced Strategic Acquisition

OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has commented that the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a” (Excellent) of Farm Bureau Insurance Company of Idaho and its subsidiary, Western Community Insurance Company, collectively referred to as Idaho Farm Bureau, remain unchanged following an announced acquisition under which Mountain West Farm Bureau Mutual Insurance Company will merge into IFB Mutual Insurance Holding Company, the parent company of Idaho Farm Bureau.

The boards of directors of each company have approved the merger. AM Best expects the pending transaction to provide strategic efficiencies, risk diversification and an enhanced competitive position. AM Best notes Idaho Farm Bureau’s robust capital position, along with its strong management team that has a proven track record of profitable growth. AM Best will continue to monitor the progress of the proposed merger and evaluate any developments relative to Idaho Farm Bureau. The merger process will take approximately four months and is subject to regulatory approval.

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