Research Update: Hochheim Prairie Farm Mutual Insurance Assoc. Outlook Revised To Negative On Capital Model Update; Ratings Affirmed May 11

Standard & Poors, May 2011

Abstract
Hochheim Prairie Farm Mutual Insurance Assoc. (HPFM) has a potential for decline capital strength relative to the rating based on the reassessment of its one-in-250 year probable maximum loss. As a result, HPFM's and its wholly owned subsidiary Hochheim Prairie Casualty Insurance Co.'s (HPCIC's) capital levels no longer support the ratings on both companies (even though, surplus, on an absolute basis, is at the highest level in the companies' history). We revised our outlook on HPFM and HPCIC to negative from stable. We affirmed our 'BB' issuer credit and insurer financial strength ratings on both companies. On May 19, 2011, Standard & Poor's Ratings Services revised its outlook on Hochheim Prairie Farm Mutual Insurance Assoc. (HPFM) and its wholly owned...

Companies mentioned in this report are: Hochheim Prairie Farm Mutual Insurance Assoc.,Hochheim Prairie Casualty Insurance Co.
Action: Affirmed

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.

Hochheim Prairie Farm Mutual Insurance Assoc.,Hochheim Prairie Casualty Insurance Co.

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