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The "Farmers Insurance News-Alert" website is dedicated to providing the consumer and general public with detailed information concerning the Farmers Insurance Group. This includes fraud reports, consumer complaints, lawsuit's and other legal actions taken against this company. All information contained herein is for educational purposes only. Original sources, when known are sited.

 

Tuesday, April 25, 1995
Home Edition
Section: Business
Page: D-2
BRIEFLY;

INSURANCE;

By: Times Staff and Wire Reports


Farmers Rating Downgraded: The insurance group had its claims-paying ability bumped down from "excellent" to "very good" by ratings firm A.M. Best Co., which cited aftershocks from the January, 1994, Northridge earthquake. The downgrade from A- to B++ applies to eight members of the Farmers pool and five affiliates. A commercial subsidiary, Mid-Century Insurance Co., also was downgraded. Farmers is
owned by BAT Industries of Britain. Its Northridge quake losses totaled $1.7 billion at the end of 1994. Best said Farmers' exposure to potential quake losses nearly equals the group's surplus.

 

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