Farmers’ Mutual Group and FMG Insurance Limited
Farmers’ Mutual Group and FMG Insurance Limited marked
A in ratings upgrade.
Farmers’ Mutual
Group (FMG or the group) and its subsidiary, FMG Insurance
Limited (FMGIL) (New Zealand) have been upgraded to
an A (Excellent) rating by International Ratings
Agency A.M. Best Co.
The upgrade has seen FMG’s financial strength rating move from A- (Excellent) to A (Excellent) and the issuer credit rating from “a-” to “a”. The outlook for all ratings has been revised to stable from positive.
Chief Financial Officer Dave Kibblewhite welcomed the announcement, which he described as pleasing but not unexpected. “International Rating Agencies have been naturally cautious following the global economic crisis, so to receive an upgrade at this time is a great boost. We believe the ratings accurately reflect the good governance, sound investment strategy and disciplined approach to underwriting FMG have consistently demonstrated”.
“The ratings demonstrate that FMG has a strong platform for growth. As a mutual we have a commitment to delivering value to our members and we see this as further validation that we are heading in the right direction”.
AM Best acknowledged the hard work and prudent management FMG have delivered over a number of years. They predicted that FMG’s capital position would continue to be positive through a stable underwriting profile, conservative asset mix and consistent growth in capital and surplus.
A full copy of the AM Best press release is available on their website at http://www3.ambest.com/Frames/FrameServer.asp?AltSrc=23&Tab=1&Site=news&refnum=139031
For Best’s Credit Ratings, an overview of the rating process and rating methodologies, please visit www.ambest.com/ratings.
The principal methodologies used in determining these ratings, including any additional methodologies and factors that may have been considered, can be found at www.ambest.com/ratings/methodology.
ENDS