OLDWICK, N.J.–(BUSINESS WIRE)–#insurance—AM Best has commented that the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a” (Excellent) of Farm Bureau Insurance Company of Idaho and its subsidiary, Western Community Insurance Company, collectively referred to as Idaho Farm Bureau, remain unchanged following an announced acquisition under which Mountain West Farm Bureau Mutual Insurance Company will merge into IFB Mutual Insurance Holding Company, the parent company of Idaho Farm Bureau.
The boards of directors of each company have approved the merger. AM Best expects the pending transaction to provide strategic efficiencies, risk diversification and an enhanced competitive position. AM Best notes Idaho Farm Bureau’s robust capital position, along with its strong management team that has a proven track record of profitable growth. AM Best will continue to monitor the progress of the proposed merger and evaluate any developments relative to Idaho Farm Bureau. The merger process will take approximately four months and is subject to regulatory approval.
This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.
AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.
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