Standard & Poor’s Ratings Services announced that it has lowered its counterparty credit and financial strength ratings on West Virginia-based Farmers & Mechanics Mutual Insurance Co. to ‘Bpi’ from ‘BBpi’ “because of F&M’s continuing weak operating performance, geographic concentration, and reduced capitalization and surplus levels.”
S&P indicated that the company, which began doing business in 1878, “writes mainly homeowners multi-peril, fire, and farmowners insurance in West Virginia, which is its only licensed state.”
It operates primarily through independent agents, and is unaffiliated with any other insurance company. The ratings are on a “stand-alone basis,” noted S&P credit analyst Alan Koerber.
Topics Agribusiness
Was this article valuable?
Here are more articles you may enjoy.
‘Extremely Dangerous’ Hurricane Beryl Takes Aim at Caribbean 
Progressive to Pay $48M to New York Drivers Over Underpaid Total Loss Claims 
Three Charged With Helping Agents Cheat on Florida Insurance License Exams 
As Rates Rise, Majority of Homeowners Say Insurance Industry Is in Crisis: Survey 
