U.S. Property/Casualty Insurance 2012 Outlook: Still Stable For Personal Lines And Negative For Commercial Lines Dec 11
- Language: English
- Published: December 2011
- Region: United States
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...
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