Latest news with #KentuckyFarmBureau
Associated Press
2 days ago
- Business
- Associated Press
AM Best Downgrades Credit Ratings of Kentucky Farm Bureau Group Member
OLDWICK, N.J.--(BUSINESS WIRE)--Jun 12, 2025-- AM Best has downgraded the Financial Strength Rating to A- (Excellent) from A (Excellent) and the Long-Term Issuer Credit Rating to 'a-' (Excellent) from 'a' (Excellent) of Kentucky Farm Bureau Mutual Insurance Company (KFB Mutual) (Louisville, KY), which is a member of Kentucky Farm Bureau Group. The outlook of these Credit Ratings (ratings) has been revised to stable from negative. The ratings reflect KFB Mutual's balance sheet strength, which AM Best assesses as strongest, as well as its marginal operating performance, limited business profile and appropriate enterprise risk management (ERM). The rating downgrades reflect a revision of the group's business profile assessment to limited from neutral. As a single-state writer with correlating lines of business and an inherent exposure to weather-related events, the group has been impacted by increasing frequency and severity of weather loses. Volatile operating earnings have been driven by consistent and significantly elevated loss activity over the past few years, with this trend continuing in 2025. KFB Mutual's balance sheet strength, which AM Best assesses as strongest, continues to be supported by its strongest level of risk-adjusted capitalization, as measured by Best's Capital Adequacy Ratio (BCAR), a conservative investment portfolio, strong liquidity position, and relatively low underwriting and reserve leverage measures. The group's marginal operating performance assessment reflects the deterioration in underwriting performance and remains aligned with other marginal-assessed rated carriers. The ERM assessment remains appropriate and includes a comprehensive reinsurance program, which provides top-level limit into its tail exposure. The stable outlooks reflect the group's strongest level of balance sheet strength assessment supported by the strongest level of risk-adjusted capitalization, as measured by BCAR, and generally modest leverage measures. The outlooks further contemplate management's various corrective actions, including rate increases and reunderwriting initiatives, which are expected to result in earnings stabilization and corresponding maintenance of key balance sheet strength metrics. This press release relates to Credit Ratings that have been published on AM Best's website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best's Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best's Credit Ratings, Best's Performance Assessments, Best's Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best's Ratings & © 2025 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED. View source version on CONTACT: Brinda Shah Senior Financial Analyst +1 908 882 1767 [email protected] Attanasio Senior Director +1 908 882 1638 [email protected] Sharkey Associate Director, Public Relations +1 908 882 2310 [email protected] Slavin Senior Public Relations Specialist +1 908 882 2318 [email protected] KEYWORD: EUROPE UNITED STATES NORTH AMERICA NEW YORK KENTUCKY NEW JERSEY INDUSTRY KEYWORD: OTHER PROFESSIONAL SERVICES PROFESSIONAL SERVICES INSURANCE FINANCE SOURCE: AM Best Copyright Business Wire 2025. PUB: 06/12/2025 09:53 AM/DISC: 06/12/2025 09:51 AM
Yahoo
20-03-2025
- Politics
- Yahoo
McConnell says courts will decide Trump DOE efforts while promoting ag bill
FRANKFORT, Ky. (FOX 56) — Kentucky's senior senator was in Lexington on Thursday to meet with agriculture leaders on protecting Kentucky's farmland. 'I think we can begin to fight back against the loss of farms,' Sen. Mitch McConnell said at a panel discussion with members of the University of Kentucky's College of Agriculture, the state Department of Agriculture, and the Kentucky Farm Bureau. McConnell says courts will decide Trump DOE efforts while promoting ag bill Louisville Zoo announces passing of 41-year-old rhinoceros: 'A wonderful animal to work with' Kentucky Supreme Court overturns conviction for man sentenced in Wolfe County shooting Although McConnell may have closed the chapter on his time in leadership, he still maintains his longtime seat on the Senate's agriculture committee. Thursday's meeting was part of McConnell's effort to promote 'The Protecting American Farmlands Act.' McConnell's bill could exempt farmers from capital gains taxes if farmland being sold goes to another agricultural producer. The bill's goal would be to slow down the rapid decline in Kentucky's available farmland. 'That five-year period from 2017 to 2022. In Kentucky alone, we lost 6,500 farms, and we lost over 500,000 acres of farmland in five years,' Kentucky Farm Bureau Eddie Melton said. 'As opposed to the normal tax you'd pay, you'd get a capital gains treatment, which is less if you keep it in a demonstrable farm family. Makes a lot of sense,' McConnell said. As McConnell faced the cameras, he also shared his opinion on some of the national news of the day and recent actions of the Trump administration. 'I'm not a fan of tariffs,' McConnell said. He explained that despite his disagreement on the Trump approach to economic policy, he said tariffs are the White House's power to wield and prices will be the judge. Kentucky among top 10 states Americans want to move to: research Lexington high schools ranked among Kentucky's best in 2025, according to Niche 6 day hikes for spring in Kentucky On this week's news of a major reduction or complete elimination of the Department of Education, McConnell said a majority of the reorganization efforts will be 'defined in the courts.' 'I'm just going to wait, and like all of us in effect, are going to wait and see whether this is permissible or not,' McConnell said. When pressed to share whether he supported the Department of Education elimination plan, McConnell responded that he believes it's a good idea to reduce government spending, but did not go into specifics. McConnell did not give any indication of how he may vote if the effort to dissolve the Department of Education is brought to Congress. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
