AM Best cuts Indiana Farmers Insurance to A-minus citing weather losses

ReutersJun 23, 2025 8:32 AM

By Michael Loney

June 23 - (The Insurer) - AM Best has downgraded the financial strength rating of Indiana Farmers Mutual Insurance Company and Indiana Farmers Indemnity Insurance Company to A-minus from A and the long-term issuer credit ratings to “a-” from “a”.

The outlook on the ratings has been revised to stable from negative.

The rating downgrades reflect a change in the Indianapolis-based group’s operating performance assessment after three consecutive years of deterioration in its underwriting results owing to significant weather-related losses.

“As a result, the group has now posted a net loss in three consecutive years, driving total return-on-revenue and total return-on-equity ratios negative in the respective three years with combined and operating ratios above breakeven in each of these years as well,” AM Best said.

According to S&P Capital IQ, Indiana Farmers Mutual Insurance Company wrote $379.2 million in direct premiums in 2024 with a 114.2% combined ratio.

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