AM Best Revises Issuer Credit Rating Outlook to Stable for Members of Florida Farm Bureau Group

AM Best has revised the outlook to stable from negative for the Long-Term Issuer Credit Rating (Long-Term ICR) and affirmed the Financial Strength Rating (FSR) of B++ (Good) and the Long-Term ICR of “bbb+” (Good) of Florida Farm Bureau Casualty Insurance Company and its fully reinsured subsidiary, Florida Farm Bureau General Insurance Company, collectively referred to as Florida Farm Bureau Group. The outlook of the FSR is stable. Both companies are domiciled in Gainesville, FL.

The Credit Ratings (ratings) reflect Florida Farm Bureau Group’s balance sheet strength, which AM Best assesses as strong, as well as its marginal operating performance, limited business profile and appropriate enterprise risk management. Additionally, the ratings reflect enhancement given the implicit and explicit support provided by its parent, Southern Farm Bureau Casualty Insurance Company.

The revised outlook for the Long-Term ICR reflects Florida Farm Bureau Group’s improved operating performance through 2024 and continued through year-to-date, mainly as a product of refined rate adequacy in its primary lines of business and management’s strategic initiatives centered on exposure management and more refined risk selection. Following several consecutive years of underwriting losses, the group reported an underwriting profit of over $20 million in 2024, which contributed to organic surplus appreciation of over 35%. This positive trend has been sustained through year-to-date 2025, and AM Best expects it will continue over the near term, leading to further stabilization of the group’s key balance sheet strength metrics and operating return measures. As a result, the Long-Term ICR outlook was revised to stable from negative.

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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