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Farmers Insurance Exchange Aug 11
Standard & Poors, August 2011
Strategic importance to Farmers Group Inc., a core unit of Zurich Financial Services. Top-three share of the U.S. personal lines insurance market, enhanced by the acquisition of 21st Century. Diverse product offerings and broad-based distribution channels. Concentration of business in Texas and California--two states prone to natural catastrophe and regulatory risks--that might result in greater earnings volatility. Constrained financial flexibility given high levels of quota-share reinsurance with affiliates and an above-average reliance on surplus notes in the capital structure. Above-average reliance on surplus notes weakens the quality of capital, and we recognize management's intent to manage capital efficiently. The insurer financial strength ratings on the members of Farmers Insurance Exchange group (collectively referred to as Farmers) reflect the group's fundamental...
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.
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