Tag: Independent Agent

AM Best Affirms A- (Excellent) Rating

Posted on 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

Financial Strength Rating Upgraded AM Best

Posted on 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.

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