Farm Bureau Mutual Insurance Company of Michigan Earns Nationwide STAR Award
July, 2016Farm Bureau Mutual Insurance Company of Michigan is proud to announce that it recently earned the Stakeholder Team Accomplishment Recognition (STAR) Award. Presented by Demotech Inc., the STAR award recognizes insurers that satisfy all stakeholders—claimants, regulators, consumers, reinsurers, producers and employees.Farm Bureau Mutual Insurance Company of Michigan was one of only 1.1% of Property & Casualty (P&C) Insurers nationwide that met the strict criteria for this award. Out of the 2,628 P&C carriers reviewed for consideration, only 29 received the award. To be considered for the Award, Farm Bureau Mutual Insurance Company of Michigan had to demonstrate (through its statutory financial results) that its profitability remained in the top third of the industry and benefitted all stakeholders as well.
A.M. Best Company issues ratings
April, 2016Farm Bureau Life Insurance Company of Michigan has maintained its Excellent (A) rating from the A.M. Best Company. This Excellent rating is based on Farm Bureau Life’s excellent level of capitalization, consistently favorable operating earnings performance, and the benefits of our association with our parent organization, Michigan Farm Bureau. A.M. Best affirmed the rating with a stable outlook, further indicating the strength of Farm Bureau Life.
April, 2016Our two property-casualty companies (Farm Bureau Mutual Insurance Company of Michigan and Farm Bureau General Insurance Company of Michigan) have been rated Good ( B++) by the A.M. Best Company. The rating agency also reported that our property-casualty companies have a positive outlook and that we benefit from our strong relationship with our parent organization, Michigan Farm Bureau and its membership.
A.M. Best Company is the oldest, most experienced rating agency in the world and has been reporting on the financial condition of insurance companies since 1899. Best's Ratings represent the current and independent opinion of a company's financial strength and ability to meet obligations to policyholders. Best's Ratings are not a warranty of an insurer's current or future ability to meet obligations to policyholders, nor are they a recommendation of a specific policy form, contract, rate, or claim practice.
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