A.M. BEST CO. DOWNGRADES MISSISSIPPI MFBC
A.M. Best Co. has downgraded the financial strength rating (FSR) to B++ (Very Good) from A++ (Superior) of Mississippi Farm Bureau Casualty Insurance Company (MFBC) (Jackson, MS) and has placed the rating under review with developing implications.
MFBC previously received the FSR of A++ (Superior) of its parent, Southern Farm Bureau Casualty Insurance Company (SFB) (Ridgeland, MS), as a result of a 100% quota share reinsurance agreement. However, MFBC has purchased the renewal rights of Mississippi Farm Bureau Mutual Insurance Company (MFBM) (Jackson, MS), which changes the risk profile of MFBC as it will now retain property risks. As a result, MFBC no longer meets the criteria to receive the FSR of its parent and is being rated as a separate affiliate.
To read the complete story, please visit: http://www.fslso.com/goto.aspx?ID=49