OKLAHOMA CITY – Oklahoma Farm Bureau Insurance recently had its Long-Term Issuer Credit Rating (ICR) upgraded from stable to positive, and its Financial Strength Rating (FSR) of B++ (good) was affirmed.
The ratings were announced by A.M. Best Rating Services, a global credit rating agency that specializes in the insurance industry.
“These credit ratings reflect Oklahoma Farm Bureau’s balance sheet strength, which A.M. Best categorizes as strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management,” the agency reported.
Revision of the Long-Term ICR outlook to positive reflects OKFB’s “continued improvement in balance sheet strength and anticipated improvement in its current assessment level of strong,” A.M. Best wrote.
While favorable weather trends have occurred in several recent years, Oklahoma Farm Bureau experienced record weather activity in 2019 “and still produced favorable returns, which support risk management and exposure initiatives,” A.M. Best wrote. “As these trends continue, A.M. Best anticipates that the group will continue to improve its balance sheet strength.”
The Oklahoma based insurance company is the largest domestic insurance company in the state and is the largest farm-and-ranch insurer in Oklahoma, said Gary Buckner, executive vice president and General Manager of Oklahoma Farm Bureau Insurance.
OKFB Insurance has enhanced its credit rating status three times in the last four years. “The past four years have been good for us,” Buckner said.
“I attribute that to our commitment to take care of our members,” who number approximately 89,000 throughout the state, he said. “We have an excellent team of managers and board of directors, we have agents in all 77 counties, and we have the best claims service in the business.”