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.
Q4 Global Commercial Insurance Rates Drop 4%, in 6th Quarterly Decline: Marsh 
Florida Insurance Costs 14.5% Lower Than Would Be Without Reforms, Report Finds 
The $3 Trillion AI Data Center Build-Out Becomes All-Consuming for Debt Markets 
BMW Recalls Hundreds of Thousands of Cars Over Fire Risk 
