A.M. Best Affirms Ratings of Farmers' Mutual Group and FMG Insurance Limited.OLDWICK, N.J. -- A.M. Best Co. has affirmed the financial strength rating of A- (Excellent) and the issuer credit rating of "a-" of Farmers' Mutual Group (FMG FMG 1 Foreign medical graduate, see there 2. Frequency modulation generator ) (New Zealand New Zealand (zē`lənd), island country (2005 est. pop. 4,035,000), 104,454 sq mi (270,534 sq km), in the S Pacific Ocean, over 1,000 mi (1,600 km) SE of Australia. The capital is Wellington; the largest city and leading port is Auckland. ) and FMG Insurance Limited (FMGIL) (New Zealand). The outlook for both ratings is positive. The ratings of FMG and FMGIL reflect the consolidated entity's (Group) adequate capitalization, as measured by Best's Capital Adequacy Ratio Capital adequacy ratio (CAR), also called Capital to Risk (Weighted) Assets Ratio (CRAR)[], is a ratio of a bank's capital to its risk. National regulators track a bank's CAR to ensure that it can absorb a reasonable amount of loss. (BCAR BCAR Brunswick County Association of Realtors BCAR British Civil Airworthiness Requirements BCAR Bullitt County Animal Rescue (Shepherdsville, KY) BCAR Business Case Analysis Report BCAR Beaver Creek Array BCAR Buffalo Civic Auto Ramps, Inc. ). The ratings also consider the stable growth and good business retention of the Group. The Group's risk-adjusted capitalization, calculated on a consolidated basis, remained strong in the fiscal year ending March 2009, although it deteriorated slightly due to losses from catastrophe events that impacted most New Zealand insurers. The Group recorded a loss of NZD NZD In currencies, this is the abbreviation for the New Zealand Dollar. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 5.8 million during the year and introduced premium rate hikes that are expected to partially mitigate the recent poor underwriting experience. The Group's historical ties with regional New Zealand contributed to good persistency in its underwriting portfolio and resulted in it retaining a relatively stable share of its chosen market. The Group's gross premiums written When a non-life insurance company closes a contract to provide insurance against loss, the revenues (premiums) expected to be received over the life of the contract are called gross premiums written. increased by 9.7% in fiscal year 2009. These positive factors are partially offset by the Group's exposure to weather-related catastrophes, volatile operating performance and high expense ratio. Similar to other general insurers in New Zealand, the Group is exposed to catastrophic perils. In the past three years, the Years, The the seven decades of Eleanor Pargiter’s life. [Br. Lit.: Benét, 1109] See : Time Group has experienced underwriting losses partially as a result of weather-related events. For Best's Credit Ratings, an overview of the rating process and rating methodologies, please visit www.ambest.com/ratings. The principal methodologies used in determining these ratings, including any additional methodologies and factors that may have been considered, can be found at www.ambest.com/ratings/methodology. Founded in 1899, A.M. Best Company is a global full-service credit rating organization dedicated to serving the financial and health care service industries, including insurance companies, banks, hospitals and health care system providers. For more information, visit www.ambest.com. |
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