A.M. Best Comments on Southern Farm Bureau Casualty Group Following Split-Off of Texas Farm Bureau Casualty Insurance Company.OLDWICK, N.J. -- A.M. Best Co. has commented that the ratings and outlook of Southern Farm Bureau Casualty Group (Southern) (Rigeland, MS) and its members remain unchanged following the split-off The process whereby a parent corporation organizes a subsidiary corporation to which it transfers part of its assets in exchange for all of the subsidiary's capital stock, which is subsequently transferred to the shareholders of the parent corporation in exchange for a portion of their of Texas Farm Bureau Casualty Insurance Company (TFBCIC) (Waco, TX) from Southern. TFBCIC was incorporated on August 16, 2007 as a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Southern Farm Bureau Casualty Insurance Company (SFBCIC SFBCIC Southern Farm Bureau Casualty Insurance Company ) (Rigeland, MS), a member of Southern. Upon the TFBCIC's and Texas Farm Bureau Investment Corporation's (TFB TFB Texas Farm Bureau TFB Total Fire Ban (Australia) TFB Time for Bed TFB Tactile Feedback TFB Two for Breakfast (hospitality industry) TFB Trust Fund Brat TFB Tethered Float Breakwater Investment Corp) withdrawal from SFBCIC on January 1, 2009, ownership of TFBCIC was transferred to TFB Investment Corp, and concurrently, all assets and liabilities accumulated ac·cu·mu·late v. ac·cu·mu·lat·ed, ac·cu·mu·lat·ing, ac·cu·mu·lates v.tr. To gather or pile up; amass. See Synonyms at gather. v.intr. To mount up; increase. through SFBCIC's business in Texas were transferred to TFBCIC. Although the split-off of TFBCIC reduces the premium and surplus of Southern considerably, as well as changes its profile, all ratings remain unchanged. For Best's Ratings Best's rating A rating A.M. Best Co. assigns to insurance companies based on the company's ability to meet its obligations to its policyholders. , 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, which 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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