A.M. Best, widely recognized as an authority on the financial stability of the insurance industry, once again rated Farm Bureau Insurance of Michigan’s Life Company as A (Excellent) with a stable outlook. The organization’s Property and Casualty Companies also received an A- (Excellent) rating and was identified as having a stable outlook.
“Farm Bureau Insurance is pleased, again this year, to be recognized by A.M. Best with excellent ratings for the financial strength and stability of our Life Company as well as our Property/Casualty Companies,” said Farm Bureau Insurance of Michigan CEO, Don Simon. “We were also proud that Cincinnati Equitable Companies achieved an excellent rating for their operations as well.”
A.M. Best is the oldest and most widely recognized provider of financial data, ratings, and news exclusive to the insurance industry. The agency’s annual credit ratings are recognized as a benchmark for assessing an organization's financial strength as well as the credit quality of its obligations. These ratings are issued on approximately 3,500 companies spanning 90 countries.
The annual reports involve an in-depth review process that takes several months. As part of the process, Farm Bureau Insurance submitted detailed information related to its financial outlook, corporate governance, structure, risk management, and more.
“In these unprecedented times, Farm Bureau Insurance of Michigan remains dedicated to our policyholders by making sound financial decisions and centering future plans around operational best practices -- today and in the years ahead,” said Simon.