Latest news with #SFG
Business Wire
6 days ago
- Business
- Business Wire
AM Best Affirms Credit Ratings of Sammons Financial Group, Inc. and Its Subsidiaries
OLDWICK, N.J.--(BUSINESS WIRE)-- AM Best has affirmed the Financial Strength Rating of A+ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of 'aa-' (Superior) of Midland National Life Insurance Company (Midland National) and North American Company for Life and Health Insurance (North American) (both domiciled in West Des Moines, IA). In addition, AM Best has affirmed the Long-Term ICR of 'a-' (Excellent) and the Long-Term Issue Credit Ratings (Long-Term IRs) of Sammons Financial Group, Inc. (Delaware). In addition, AM Best has affirmed the Long-Term ICR of 'aa-' (Superior) of Sammons Financial Group Global Funding. The outlook of these Credit Ratings (ratings) is stable. Sammons Financial Group, Inc. is an intermediate holding company for Midland National and North American, and is indirectly owned by Sammons Enterprises, Inc. Midland National and North American are the group's key life/health insurance subsidiaries and jointly referred to as Sammons Financial Group (SFG). (See below for a detailed listing of the Long-Term IRs). The ratings reflect SFG's balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, favorable business profile and appropriate enterprise risk management (ERM). SFG has a very strong level of risk-adjusted capitalization, as measured by Best's Capital Adequacy Ratio (BCAR). The group's overall balance sheet strength has been supported by good liquidity and strong cash flows from operations. The group also has demonstrated financial flexibility with access to the capital markets if needed and access to the Federal Home Loan Bank. SFG maintains strong interest coverage ratios, and financial leverage remains well within AM Best guidelines for its current ratings. While SFG maintains very strong balance sheet metrics, AM Best notes that the use of surplus notes and captive financing solutions, as well as the use of a Bermuda-based reinsurance affiliate, reduces the overall quality of capital. SFG's operating earnings remained strong as it increased earnings year over year due to positive actuarial unlocking, favorable mortality and strong sales while maintaining favorable spreads. The company benefited from an increase in assets under management, favorable results in the annuities segment, and consistent net investment income from a portfolio that is predominately bonds, mortgage loans and alternative assets. The alternative investment portfolio has performed well over the longer term, but it has added an element of earnings volatility at times as these investments are marked-to-market. SFG continues to benefit from its diverse distribution platform, which includes personal producing agents, independent marketing organizations, the registered investment adviser channel, broker/dealers and banks, as well as credit unions. Product offerings, in its core lines of business, have a favorable market position. SFG also maintains an extensive dynamic ERM program that is commensurate with its risk profile. The following Long-Term IRs have been affirmed with stable outlooks: Sammons Financial Group, Inc.: - 'a-' (Excellent) on $500 million 4.75% senior unsecured notes, due 2032 - 'a-' (Excellent) on $850 million 3.35% senior unsecured notes, due 2031 - 'a-' (Excellent) on $200 million 7% senior unsecured notes, due 2043 - 'a-' (Excellent) on $500 million 4.45% senior unsecured notes, due 2027 - 'a-' (Excellent) on $750 million 6.875% senior unsecured notes, due 2034 Sammons Financial Group Global Funding — 'aa-' (Superior) program rating - 'aa-' (Superior) on all outstanding notes issued under the program 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 & Assessments.
Yahoo
25-07-2025
- General
- Yahoo
Maximize Your Yield With Square Foot Gardening
Do you own a small backyard and dream of growing enough food for your whole family? Square Foot Gardening (SFG) might be your best friend. It is a method of dividing your garden into small, manageable squares, allowing you to pack in more plants without the chaos. Experts say that home gardens using this method can produce significantly more food than traditional row planting in the same space. While the exact increase in produce depends on your crops, climate, and maintenance, a 20-30% increase per square foot compared to row gardening is a realistic ballpark estimate. Mel Bartholomew first introduced square foot gardening, which has changed how people think about growing vegetables. Because this method is incredibly low-effort and requires less space, you can easily do it even as a beginner with a small yard. You don't need to dig long rows, bend over for hours pulling weeds, or haul heavy tools around. The raised beds and defined grid make everything easier on your back and knees. Here are 14 expert tips to maximize your produce with SFG. 1. Plan Your Layout Before planting, it's important to sketch out your garden like a puzzle. Square foot gardening divides your raised bed into 1x1-foot squares, and each of those little boxes has a specific purpose. Planning your layout (and which plants will do best) helps you avoid overcrowding and makes sure every plant gets the space, sunlight, and airflow it needs. Think about what you love to eat, what grows well in your area, and how tall each plant gets. When everything is spaced just right, your plants grow better, and you can fit more in a small area. 2. Use Raised Beds for Better Results To make Square Foot Gardening work effectively, opt for a raised bed. These square-shaped plots are usually 4'x4' and 6-12 inches deep and give you control over the soil, drainage, and spacing. Raised beds can produce 2–4 times more produce than in-ground beds due to improved soil quality and drainage. They also make it easier to reach your plants without stepping on the soil, which keeps it fluffy and full of oxygen. Additionally, raised beds warm up faster in the spring, allowing you to start planting earlier and extend your growing season. 3. Stick to the 'Mel's Mix' Soil Formula Mel Bartholomew recommended a mix of 1/3 peat moss, 1/3 vermiculite, and 1/3 compost, called 'Mel's Mix.' This combo is lightweight, holds moisture well, and is packed with nutrients. This blend boosts plant growth as compared to regular garden soil. This mix also reduces the need for constant fertilizing. It's easy to work with and helps plants grow strong roots, which means more fruits and vegetables from each square. Refresh your soil each season by adding compost to maintain fertility and avoid heavy clay or sandy soils, as they either drown roots or dry out too quickly. 4. Follow Proper Plant Spacing Guidelines Overcrowding leads to competition for nutrients, resulting in stunted growth. Stick to Mel Bartholomew's classic square foot spacing, for example, one plant per square (tomatoes), four plants (lettuce), or 16 plants of radishes. Correct spacing can increase productivity and lower the risk of plant diseases caused by poor airflow. Neat spacing also makes harvesting easier and keeps the garden looking tidy and healthy. 5. Rotate Crops Each Season Just like in big farms, rotating crops helps prevent soil exhaustion and pest buildup. When you plant the same veggie in the same spot every season, it uses up the same nutrients and attracts the same bugs. Rotate plant families—like moving tomatoes after planting leafy greens. Crop rotation can reduce soil-borne diseases and increase long-term production. It's an easy habit that makes a big difference. 6. Water Deep, Not Often Watering deeply encourages strong root growth, whereas frequent shallow watering can weaken plants. Watering when the top inch of soil feels dry and soaking it to at least 6 inches deep is usually recommended. Use a watering can or drip system to keep the water near the base of each plant. Early morning watering helps avoid mold and mildew while saving water by reducing evaporation. This way, you'll grow plants that are more resilient, productive, and efficient with water, which is crucial for maximizing yields in your square-foot garden. 7. Add a Trellis to Maximize Vertical Space Trellises are perfect for square-foot gardens because they allow you to grow plants like peas, melons, or squash upward. This method saves ground space for shorter crops and improves airflow, which helps prevent disease. Use strong materials like metal mesh, bamboo, or wooden stakes. Trellising reduces fungal infections and enhances air circulation, promoting healthier plants and higher yields. 8. Companion Plant to Boost Growth Some plants grow better when paired with the right neighbors. For example, planting basil near tomatoes can enhance flavor and reduce pest infestations. Marigolds also repel insects when planted alongside veggies. This is called companion planting. Companion planting improved yields by 15–30% in certain combinations. It's a smart way to keep your garden healthy without chemicals. 9. Use Mulch to Lock In Moisture A thin layer of mulch—such as straw, wood chips, or shredded leaves — keeps the soil cool and moist. It also stops weeds from growing. Mulching can reduce water loss significantly. This is especially crucial in square foot gardening, where soil can dry out quickly in tightly planted beds. Mulch also helps prevent soil from getting onto leaves, which can spread disease. Just make sure it's not packed too tightly around stems, so air can still circulate. For container square foot gardens, cocoa hulls or pine needles are lightweight options that won't compact over time. 10. Start from Seed When Possible Seeds are cheaper, offer more variety, and give plants a stronger root system from the start. Seedlings grown directly in the garden adapt better to their environment than store-bought transplants. You can start early indoors or sow seeds directly into your garden. Direct seeding reduces transplant shock and saves a large amount of costs compared to buying nursery plants. 11. Harvest Often to Encourage More Growth The more you harvest, the more your plants will keep producing, especially for crops like lettuce, beans, and cucumbers. Letting food over-ripen on the plant tells it to stop growing. Keep a harvest basket handy whenever you visit your garden - you'll be amazed how much more food you'll gather with this simple habit. In square foot gardening, frequent harvesting is a crucial technique to maximize every inch of your space. 12. Track What Works (and What Doesn't) Keep a small garden journal or use a garden app to record what you planted, how much it produced, and any challenges that arose. This info helps you make better choices next season. Keep a simple garden journal noting which varieties performed best, germination rates, and planting dates. Over seasons, you'll develop a customized planting guide perfectly suited to your microclimate and gardening style. With practice, seed starting becomes one of the most rewarding and economical skills in the Square Foot Gardener's toolkit. 13. Extend the Season with Row Covers & Cold Frames Row covers and cold frames are great tools to stretch your growing season, especially in cooler climates. They protect plants from frost, wind, and sudden temperature drops, giving you extra weeks of growing time in spring and fall. Row covers are lightweight fabric sheets you drape over your plants, while cold frames are like mini greenhouses made of glass or plastic. Both trap heat and create a warmer microclimate for your crops. This means you can plant earlier, harvest later, and even grow cold-loving veggies like spinach, kale, and lettuce all winter long in many zones 14. Feed Your Soil, Not Just Your Plants Healthy soil is the secret behind every thriving square foot garden. Instead of just adding fertilizers, focus on improving the soil by regularly mixing in compost. It provides essential nutrients, supports beneficial microbes, and enhances water retention. You don't need fancy store-bought compost—kitchen scraps, dry leaves, and garden clippings work just fine. When you enrich the soil each season, your plants will grow stronger, resist pests more effectively, and yield a more abundant harvest with less effort. Solve the daily Crossword
Yahoo
17-05-2025
- Business
- Yahoo
California approves State Farm's request for double-digit insurance rate hike
The state of California approved State Farm's request for a double-digit increase in home insurance premiums to help the insurer deal with financial challenges following the wildfires that devastated communities near Los Angeles in January. California Insurance Commissioner Ricardo Lara on Tuesday adopted a proposed court order that will allow State Farm to move ahead with a 17% interim homeowners insurance rate increase in the state. That's less than the insurer's initial request of a 21.8% premium hike. Under the terms of the order, which will take effect on June 1, State Farm's California-based subsidiary will receive a $400 million infusion from its parent company to ensure its solvency, and will participate in a full rate hearing at a later date. The insurer is also barred from implementing block non-renewal programs through the end of this year. "I am balancing all the facts. Protecting all State Farm customers and the integrity of our insurance market is an urgent matter," Lara said. Wildfire Victims Not Receiving Help From Fair Plan: 'I'll Have To Fight With Them For The Next Three Years' "Let me be clear: We are in a statewide insurance crisis, affecting millions of Californians. Taking this on requires tough decisions. This is not a game. This is not a media-driven moment for some to exploit — this impacts people I am committed to protecting," he added. Read On The Fox Business App State Farm General (SFG) said in a statement that the commissioner's interim rate approval is a "critical first step" for the company's ability to continue serving customers in California, adding that it "still must continue building sufficient capital for the future." State Farm Executive Fired Over Comments On Premium Hikes After California Wildfires "With this interim rate approval, SFG will obtain from its parent company, State Farm Mutual (SFM), an advance of $400 million under a surplus note to be issued by SFG, subject to regulatory approval. SFG would be obligated to repay the surplus note balance plus interest over time, subject to certain conditions, because customers outside California should not be expected to pay for risks in California," the company said. It added that it's pausing group non-renewals for the rest of 2025 for non-tenant homeowners, renters and condominium unit owners, as well as rental dwelling properties. State Farm Requests Emergency Rate Hike That Could Raise Californians' Premiums By 38% "We remain focused on helping our customers recover from the wildfires. As of May 12, we have already paid more than $3.51 billion and are handling more than 12,692 claims," State Farm added. S&P Global Ratings downgraded State Farm General's credit rating from "AA" to "A+" due to what it called a "significant deterioration of its capital position and regulatory solvency ratios." The rating change doesn't affect other State Farm group article source: California approves State Farm's request for double-digit insurance rate hike
CBS News
05-02-2025
- Business
- CBS News
State Farm emergency rate hike request raising alarm bells for some
The state of California recently implemented changes to its home insurance market when the wildfires in Los Angeles happened. Now, the largest insurer in the state is requesting a rate increase that would affect every one of its customers, and likely drive up the price of coverage for everyone else. It's been less than a month since wildfire decimated entire neighborhoods in Pacific Palisades and other communities in Los Angeles, and now the losses are being tabulated. State Farm General, California's largest insurer, said they have received more than 8,700 claims and already paid out more than a billion dollars from its nearly depleted cash reserves. In a letter to CA Insurance Commissioner Ricardo Lara, the company said, "Although reinsurance will assist us in paying what we owe to customers, the costs of these fires will further deplete capital from are requesting that you take emergency action to help protect California's fragile insurance market by immediately approving interim rate increases on these filings, with rates to be effective May 1, 2025..." Karl Susman, a broker and industry expert, explained the situation. "The problem is the industry in California has pretty much been upside down for about a decade," he said. "And it's been slowly getting eroded because the prices have not been matching the exposure that we've had." Most people are surprised to learn that California has some of the cheapest home insurance in the country despite now ranking second for risk of loss. Homeowners here pay an average of $2,000 a year, while in Oklahoma it's three times that amount. So now, State Farm is requesting an average rate hike of 22 percent for homeowners, 15 percent for renters and condo owners and 38 percent for those owning rental properties, no matter where they are located in the state. The company said it needs the money to refill its capital reserve and said its credit rating has taken such a hit that State Farm insurance may no longer be accepted by some mortgage companies. "And this rate increase is really just the beginning of that," said Susman. "And I wouldn't say that it's backfilling premiums to be able to have the ability to pay claims, but it's really bringing the rate to where it should have been all along, considering the exposures that we have here. And now, we're going to start seeing all the carriers starting to do that. So, we're not in a situation when the next wildfire comes, where companies are running out of money and having to look to see how they're going to pay their claims." But Harvey Rosenfield, who wrote Prop 103, which regulates the state's insurance market, said he doesn't buy the hysteria. He said State Farm already had a request to the state for a 30 percent increase in June, well before the L.A. fires. "Now that the wildfires have happened," said Rosenfield, "State Farm is trying to take advantage of this tragedy to say that they need an immediate, emergency rate increase of 22 percent which could be, like, 3/4 of a billion dollars. We really don't know because they haven't justified that." Rosenfield said State Farm General, the company that insures properties in California, is claiming to be broke while its parent company, State Farm Mutual is worth hundreds of billions of dollars. "But State Farm wants to leverage — with the threat that it's the biggest company in the state and its financial condition is terrible — wants to leverage a bailout," he said. "This is forcing the public to capitalize, to fund, a private corporation that actually has access to resources of its parent company. And it's the parent company that should be bailing out State Farm, not the public." Who should bear the cost of the LA wildfires is up for debate, but there is no question that the risk of fire in California has grown in general. And it seems clear that insurers won't resume writing policies in the state until they are sure they won't be losing money by doing so. If Insurance Commissioner Lara approves the rate increases, which could happen in the next few days, they would go into effect when policies are renewed, as of May 1 of this year.
