Moody’s stabilizes Farmers outlook

Moody's Investors Service said it revised its outlook for Farmers Insurance Exchange, a reciprocal insurance exchange and the lead member of Farmers Insurance Group to stable from rating under review and confirmed its Baa3(hyb) surplus notes rating.

This rating action concludes the review for downgrade started on Aug. 21, the agency said.

“The stable rating outlook reflects Farmers' improvements in underlying profitability along with Moody's expectation that the group will further reduce its catastrophe exposure and its operating expenses over the next 12-18 months,” the agency said in a statement.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.