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AM Best Upgrades Credit Ratings of South Carolina Farm Bureau Group Members

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OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has upgraded the Financial Strength Rating to B++ (Good)
from B+ (Good) and the Long-Term Issuer Credit Ratings to “bbb” from
“bbb-” of South Carolina Farm Bureau Mutual Insurance Company and
Palmetto Casualty Insurance Company (together known as South Carolina
Farm Bureau Group). The outlook of these Credit Ratings (ratings)
remains stable. Both companies are domiciled in Cayce-West Columbia, SC.

These ratings reflect South Carolina Farm Bureau Group’s balance sheet
strength, which AM Best categorizes as very strong, as well as its
marginal operating performance, limited business profile and appropriate
enterprise risk management (ERM).

The rating upgrades reflect the group’s improved ERM capabilities
including enhancements in the group’s reinsurance program and overall
risk appetite. The group has improved its risk profile notably by
lowering the amount of gross underwriting exposures and common stock
investments relative to surplus, over the past five years. These
measures serve to offset the potential future volatility of operating
results and surplus considerably. In addition, the underlying book of
business is much less susceptible to the impact of hurricane events
following several years of a coastal exposure management program. The
very strong level of balance sheet strength reflects the company’s
strong liquidity levels, conservative investment profile and
comprehensive reinsurance protection. AM Best’s marginal assessment of
operating performance reflects the group’s historical volatility of
operating results. The limited business profile reflects the company’s
geographic and product concentration in South Carolina, which exposes
the group to frequent and severe weather-related events, as well as
regulatory and economic changes.

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
Understanding
Best’s Credit Ratings
. For information on the proper media
use of Best’s Credit Ratings and AM Best press releases, please view
Guide
for Media – Proper Use of Best’s Credit Ratings and AM Best Rating
Action Press Releases
.

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AM Best is a global rating agency and information provider with a
unique focus on the insurance industry. Visit
www.ambest.com
for more information
.

Copyright © 2019 by A.M. Best Rating Services, Inc. and/or its
affiliates. ALL RIGHTS RESERVED.

Contacts

Angelo Lozano
Financial Analyst
+1 908 439 2200, ext. 5169
[email protected]

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Christopher Sharkey
Manager, Public Relations
+1 908 439 2200,
ext. 5159
[email protected]

Richard Attanasio
Senior Director
+1 908 439 2200, ext. 5432
[email protected]

Jim Peavy
Director, Public Relations
+1 908 439 2200, ext. 5644
[email protected]


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