Flemington, NJ, July 02, 2020 — Farmers Insurance Company of Flemington announced today that its Financial Strength Rating (FSR) has been upgraded to A- (Excellent) by AM Best Rating Services, the world’s oldest and most authoritative insurance rating and information source. The company’s Issuer Credit Rating (ICR) was also upgraded to “a-, Excellent” and the outlook for both ratings is Stable.
“We’ve worked very hard to improve every aspect of our business to enhance our financial strength and better serve our Policyholders,” said Scott St. Angel, President & CEO of Farmers. “We believe the upgrade to the A- rating reflects the success of those efforts.”
According to AM Best, the rating upgrades were prompted by the favorable trends in Farmers’ balance sheet, which AM Best characterizes as “very strong.” In addition, the company has significantly reduced its catastrophe exposure and demonstrated operating results that compare favorably with the rating agency’s composite of similar property and casualty insurers.
“This upgrade is a meaningful acknowledgement of the work that has been done by our team in partnership with our Independent Agents,” Mr. St. Angel added. “Earning an upgrade is no easy task and we are proud to have advanced from a B+ to an A- rating in just five years. We are excited for the future as we continue to improve our products and services for the benefit of our Policyholders.”
About Farmers Insurance Company of Flemington
Farmers Insurance Company of Flemington is a mutual property and casualty insurance company focused exclusively on the New Jersey market. Established in 1856, Farmers of Flemington offers its personal and commercial insurance products through a network of professional Independent Insurance Agents who provide service, advice and advocacy to its Policyholders. The Company is rated A- (Excellent) with a stable outlook by AM Best. More information is available on the company’s website at: www.farmersofflemington.com.