This news comes on the heels of State Farm pulling back further from the California market.
By Steve Hallo | March 29, 2024 at 08:17 AM
According to the National Association of Insurance Commissioners' 2023 market share report, State Farm Group is the largest homeowners (multi-peril) carrier in the U.S. and holds a nearly 18% market share. Credit: Diego M. Radzinschi/ALM
AM Best has downgraded the financial strength rating of State Farm General Insurance Co. from stable to negative, moving from A (excellent) to B, while the insurer's long-term issuer credit rating (ICR) fell from "a" (excellent) to "bb+" and now also carries a negative outlook, according to the ratings agency.
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Steve Hallo
Steve Hallo is managing editor of PropertyCasualty360.com.He can be reached at [emailprotected]
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