A.M. Best has assigned a Financial Strength Rating (FSR) of A- (Excellent) and a Long-Term Issuer Credit Rating (Long-Term ICR) of “a-” to New Horizons Insurance Company of Missouri (New Horizons). The outlook assigned to these Credit Ratings (ratings) is stable.
Concurrently, affirmed the Financial Strength Rating (FSR) of A- (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “a-” of Farm Bureau Town and Country Insurance Company of Missouri (FBTC). The outlook of these ratings is stable.
New Horizons is the new member of the Missouri Farm Bureau Group (Missouri Farm Bureau), the other member of the FBTC. All companies are residing in Jefferson City, Missouri.
The ratings of the Missouri Farm Brewery Group are based on the company’s balance sheet power A.M. It is best categorized as strong enough, adequate business performance, limited business profile and appropriate corporate risk management.
The Missouri Farm Bussiness Group exhibits a very strong level of balance sheet strength and maintains strong liquidity and leverage measures.
However, these favorable balance sheet qualities were balanced by the limited financial flexibility of the group, given its limited access to capital markets.
The business performance of the Missouri Farm Bureau Group is sufficient. This assessment is based on performance observed over the past five years, resulting in favorable spending and owning the company to the private captive agency network. Expense saving has enabled the high loss experiences in previous years to be influenced by the weather events in the state. As a result, the group’s five-year average pre-tax and income and equity total returns can be compared positively with solid and composite.
The grades also reflect the group’s limited work profile. As a single state editor in Missouri, the group is exposed to frequent and serious weather events as well as any judicial, regulatory or economic concerns that may arise.
The addition of the new Horizons group reflects its strategic importance to the Missouri Farm Bureau Group’s geographical diversification strategy and shared management and operational capabilities.
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