AM Best | Farmers of Flemington | Home and Business Insurance

AM Best Affirms A- (Excellent) Rating

Posted on September 12, 2023September 12, 2023 by Farmers of Flemington

AM Best Affirms A-, Excellent Financial Strength Rating of Farmers Insurance Company of Flemington

Flemington, NJ, September 12, 2023 — Farmers Insurance Company of Flemington announced today that its Financial Strength Rating (FSR) of A- Excellent has been affirmed by AM Best Rating Services, the world’s oldest and most authoritative insurance rating and information source. The company’s Issuer Credit Rating (ICR) of a-, Excellent was also affirmed and the outlook for both ratings is Stable.

“We are pleased we were able to maintain our A- Excellent rating in the face of a very challenging economy marked by record inflation and rising reinsurance costs,” said Scott St. Angel, President & CEO of Farmers. “As a Mutual company our only focus is protecting and serving the interests of our Policyholders. The affirmation of our rating assures our Policyholders that we will be there when they need us — just as we have been since 1856.”

A Best’s Financial Strength Rating (FSR) is an independent opinion of an insurer’s financial strength and ability to meet its ongoing insurance policy and contract obligations. The AM Best rating is assigned after a comprehensive review and analysis of the company’s balance sheet, operating performance, business profile and enterprise risk management capabilities.

About Farmers Insurance Company of Flemington
Founded in 1856, Farmers of Flemington is among the oldest and most reliable, and most respected insurance companies in New Jersey. With over 165 years of experience and an A-, Excellent financial strength rating from AM Best, our Policyholders can count on Farmers of Flemington to be there when they need us. For more information, visit us online at www.farmersofflemington.com

AM Best Affirms A- (Excellent) Rating of Farmers Insurance Company of Flemington

Posted on July 29, 2022July 29, 2022 by Farmers of Flemington

Flemington, NJ, July 29, 2022 — Farmers Insurance Company of Flemington announced today that its Financial Strength Rating (FSR) of A- (Excellent) has been affirmed by AM Best Rating Services, the world’s oldest and most authoritative insurance rating and information source. The company’s Issuer Credit Rating (ICR) was also affirmed and the outlook for both ratings is Stable.

“As a Mutual company, we aren’t in business to make a profit for stockholders like publicly traded insurers are. Our only focus is on our Policyholders and how to improve our ability to protect and serve their interests,” said Scott St. Angel, President & CEO of Farmers. “The affirmation of our rating by AM Best gives our Policyholders confidence that we will be there when they need us, just as we have been since our founding in 1856.”

About Farmers Insurance Company of Flemington
Founded in 1856, Farmers of Flemington is among the oldest, most reliable, and most respected insurance companies in New Jersey. With over 165 years of experience and an A-, Excellent financial strength rating from AM Best, our Policyholders can count on Farmers of Flemington to be there when they need us. For more information, visit us online at www.farmersofflemington.com

Financial Strength Rating Upgraded AM Best

Posted on July 6, 2020March 20, 2021 by Farmers of Flemington

FLEMINGTON, NJ – Farmers Insurance Company of Flemington announced today that its Financial Strength Rating (FSR) has been upgraded to A- (Excellent) by AM Best Rating Services, the world’s oldest and most authoritative insurance rating and information source. The company’s Issuer Credit Rating (ICR) was also upgraded to “a-, Excellent” and the outlook for both ratings is Stable.

“We’ve worked very hard to improve every aspect of our business to enhance our financial strength and better serve our Policyholders,” said Scott St. Angel, President & CEO of Farmers. “We believe the upgrade to the A- rating reflects the success of those efforts.”

According to AM Best, the rating upgrades were prompted by the favorable trends in Farmers’ balance sheet, which AM Best characterizes as “very strong.” In addition, the company has significantly reduced its catastrophe exposure and demonstrated operating results that compare favorably with the rating agency’s composite of similar property and casualty insurers.

“This upgrade is a meaningful acknowledgement of the work that has been done by our team in partnership with our Independent Agents,” Mr. St. Angel added. “Earning an upgrade is no easy task and we are proud to have advanced from a B+ to an A- rating in just five years. We are excited for the future as we continue to improve our products and services for the benefit of our Policyholders.”

About Farmers Insurance Company of Flemington

Farmers Insurance Company of Flemington is a mutual property and casualty insurance company focused exclusively on the New Jersey market. Established in 1856, Farmers of Flemington offers its personal and commercial insurance products through a network of professional Independent Insurance Agents who provide service, advice and advocacy to its Policyholders. The Company is rated A- (Excellent) with a stable outlook by AM Best. More information is available on the company’s website at: www.farmersofflemington.com.

AM Best Upgrades Ratings of Farmers Insurance Company of Flemington

Posted on June 30, 2020October 19, 2022 by Farmers of Flemington

OLDWICK, N.J. – AM Best has upgraded the Financial Strength Rating to A- (Excellent) from B++ (Good) and the Long-Term Issuer Credit Rating to “a-” from “bbb+” of Farmers Insurance Company of Flemington (FICF) (Flemington, NJ). The outlook of these Credit Ratings (ratings) is stable.

The ratings reflect FICF’s balance sheet strength, which AM Best categorizes as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management.The rating upgrades are the result of favorable trends in FICF’s balance sheet strength, including improved risk-adjusted capitalization, decreased common stock leverage and consistently favorable loss reserve development. AM Best’s balance sheet strength assessment of very strong is supported by FICF’s risk-adjusted capitalization being at the strongest level, along with favorable liquidity measures and moderate catastrophe exposure net of reinsurance. These positive factors were hindered somewhat in past years by elevated tail-risk exposure and underwriting leverage ratios, both of which have continued to display improvement in recent years.

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 Guide to 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.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in New York, London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Contacts

David Braisted
Financial Analyst
+1 908 439 2200, ext. 5120
david.braisted@ambest.com

Christopher Sharkey
Manager, Public Relations
+1 908 439 2200, ext. 5159
christopher.sharkey@ambest.com

Kenneth E. Tappen
Senior Financial Analyst
+1 908 439 2200, ext. 5248
kenneth.tappen@ambest.com

Jim Peavy
Director, Public Relations
+1 908 439 2200, ext. 5644
james.peavy@ambest.com

A.M. Best Upgrades Issuer Credit Rating of Farmers Insurance Company of Flemington

Posted on June 20, 2018October 16, 2020 by Farmers of Flemington

June 19, 2018 08:43 AM Eastern Daylight Time

OLDWICK, N.J.–(BUSINESS WIRE)–A.M. Best has upgraded the Long-Term Issuer Credit Rating to “bbb+” from “bbb” and affirmed the Financial Strength Rating of B++ (Good) of Farmers Insurance Company of Flemington (FICF) (Flemington, NJ). The outlook for these Credit Ratings (ratings) remains stable.

The ratings reflect FCIF’s strong balance sheet strength, as well as adequate operating performance, limited business profile and appropriate enterprise risk management.

The rating upgrade is based on the improvement in FCIF’s risk-adjusted capitalization and continued improved operating results. FCIF enhanced its catastrophe reinsurance coverage in 2018 to further shield capital from severe events. Additionally, the company’s underwriting leverage position has improved as a result of organic surplus growth, which has outpaced premium growth over the past five years. Furthermore, FCIF continues to report favorable reserve development.

The positive rating factors are offset by the company’s limited scale and geographical diversification. A number of the company’s leverage metrics compare unfavorably with composite averages, due to the company’s unique blend of personal property and commercial business. In addition, the company maintains a somewhat elevated common stock leverage position, although the position has decreased compared to their historical averages.

This press release relates to Credit Ratings that have been published on A.M. 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 A.M. 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 A.M. Best press releases, please view Guide for Media – Proper Use of Best’s Credit Ratings and A.M. Best Rating Action Press Releases.

A.M. Best is the world’s oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com.

Contacts

Dan Hofmeister, +1-908-439-2200, ext. 5385

Financial Analyst

dan.hofmeister@ambest.com
or

Kenneth E. Tappen, +1-908-439-2200, ext. 5248

Senior Financial Analyst

kenneth.tappen@ambest.com
or

Christopher Sharkey, +1-908-439-2200, ext. 5159

Manager, Public Relations

christopher.sharkey@ambest.com
or

Jim Peavy, +1-908-439-2200, ext. 5644

Director, Public Relations

james.peavy@ambest.com