AM Best Revises Outlooks to Stable for Buckeye State Mutual Insurance Company and Affiliate

OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has revised the outlooks to stable from negative and affirmed the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of “bbb-” (Good) of Buckeye State Mutual Insurance Company and its affiliate, Home and Farm Insurance Company. Both companies are domiciled in Piqua, OH and are referred to as Buckeye.

The Credit Ratings (ratings) reflect Buckeye’s balance sheet strength, which AM Best assesses as strong, as well as its marginal operating performance, limited business profile and marginal enterprise risk management (ERM).

The revision of the outlooks to stable from negative reflects an improvement in Buckeye’s risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), which is at the strongest level. In 2025, the group reported its first increase in surplus in five years while recording minimal underwriting losses. The group’s results have been challenged through the first six months of 2026, largely by weather-related losses. These results are anticipated to improve in the second half of 2026, with the expectation that Buckeye will generate organic surplus growth.

The stable outlooks reflect AM Best’s expectation that Buckeye will maintain a strong balance sheet strength assessment over the intermediate term. Operating performance is expected to remain marginal due to the group’s inherent exposure to weather-related events. However, AM Best expects the group’s ERM initiatives to continue gaining traction, resulting in more consistent and less volatile operating results.

This press release relates to Credit Ratings that have been published on AM 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 AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

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