Market Snapshot
  • U.S.
  • Europe
  • Asia
Ticker Volume Price Price Delta
DJIA 16,438.13 29.59 0.18%
S&P 500 1,868.44 3.59 0.19%
NASDAQ 4,102.48 6.96 0.17%
Ticker Volume Price Price Delta
STOXX 50 3,155.81 16.55 0.53%
FTSE 100 6,625.25 41.08 0.62%
DAX 9,409.71 91.89 0.99%
Ticker Volume Price Price Delta
NIKKEI 14,512.38 -3.89 -0.03%
TOPIX 1,171.40 -1.97 -0.17%
HANG SENG 22,760.24 64.23 0.28%

Fitch Affirms and Withdraws The Farmers Exchange Ratings



  Fitch Affirms and Withdraws The Farmers Exchange Ratings

Business Wire

CHICAGO -- November 26, 2013

Fitch Ratings has affirmed and withdrawn its 'A+' Insurer Financial Strength
ratings on The Farmers Insurance Exchange (Farmers) and its affiliated
property & casualty Insurers. Fitch has decided to discontinue the rating,
which is uncompensated.

The affirmation reflects Farmers' strong competitive position as one of the
largest personal lines insurers in the U.S., track record of stable operating
results, and high quality investment portfolio.

Based strictly on Farmers' own financial profile, Fitch believes the
stand-alone IFS rating of the company is 'A-'. Farmers' strategic importance
to the Zurich Insurance Group (ZIG) is an important consideration toward
providing Farmers' ratings with a two-notch uplift towards ZIG's insurance
subsidiaries' ratings.

Farmers operates as a reciprocal exchange ultimately owned by its
policyholders. A separate organization called Farmers Group, Inc. (FGI; a
wholly-owned subsidiary of ZIG) serves as the attorney-in-fact for Farmers and
collects a management fee for non-claims related management services.

Fitch affirms and withdraws the 'A+' IFS ratings for the following companies:

--Farmers Insurance Exchange;
--Truck Insurance Exchange Truck Underwriters Association;
--Fire Insurance Exchange Fire Underwriters Association;
--Mid-Century Insurance Company;
--Farmers Insurance Company of Arizona;
--Farmers Insurance Company of Idaho;
--Farmers Insurance Company, Inc.;
--Farmers Insurance Company of Oregon;
--Farmers Insurance Company of Washington;
--Farmers Insurance Hawaii, Inc.;
--Illinois Farmers Insurance Company;
--Texas Farmers Insurance Company;
--Farmers Insurance of Columbus, Inc.;
--Farmers Texas County Mutual Insurance Company;
--Mid-Century Insurance Company of Texas;
--Civic Property and Casualty Company;
--Exact Property and Casualty Company;
--Neighborhood Spirit Property and Casualty Company;
--Farmers New Century Insurance Company;
--Farmers Reinsurance Company;
--Foremost Insurance Company Grand Rapids, Michigan;
--Foremost Signature Insurance Company;
--American Federation Insurance Company;
--Foremost Property and Casualty Insurance Company;
--Foremost County Mutual Insurance Company;
--Foremost Lloyds of Texas;
--Bristol West Casualty Insurance Company;
--Bristol West Insurance Company;
--Bristol West Preferred Insurance Company;
--Coast National Insurance Company;
--Security National Insurance Company;
--21st Century Assurance Company;
--21st Century North America Insurance Company;
--21st Century Superior Insurance Company;
--21st Century Pinnacle Insurance Company;
--21st Century Pacific Insurance Company;
--21st Century Auto Insurance Company of New Jersey;
--21st Century Centennial Insurance Company;
--American Pacific Insurance Company, Inc.;
--21st Century Advantage Insurance Company;
--21st Century Indemnity Insurance Company;
--21st Century National Insurance Company, Inc.;
--21st Century Preferred Insurance Company;
--21st Century Premier Insurance Company;
--21st Century Security Insurance Company;
--21st Century Casualty Company;
--21st Century Insurance Company;
--21st Century Insurance Company of the Southwest.

Additional information is available at 'www.fitchratings.com'. The issuer did
not participate in the rating process other than through the medium of its
public disclosure.

Applicable Criteria and Related Research:
--'Insurance Rating Methodology' (Nov. 13, 2013).

Applicable Criteria and Related Research:
Insurance Rating Methodology -- Amended
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=723072

Additional Disclosure
Solicitation Status
http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=809579
ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS.
PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK:
HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING
DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S
PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND
METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF
CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL,
COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM
THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER
PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS
OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN
EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER
ON THE FITCH WEBSITE.

Contact:

Fitch Ratings
Primary Analyst
Christopher A. Grimes, CFA, +1-312-368-3263
Associate Director
Fitch Ratings, Inc.
70 W. Madison
Chicago, IL 60602
or
Secondary Analyst
James B. Auden, CFA, +1-312-368-3146
Managing Director
or
Committee Chairperson
Donald F. Thorpe, CFA, +1-312-606-2353
Senior Director
or
Media Relations
Brian Bertsch, +1-212-908-0549 (New York)
brian.bertsch@fitchratings.com
Sponsored Links
Advertisement
Advertisements
Sponsored Links
Advertisement