For the third consecutive year, the world’s leading insurance rating authority, AM Best, has upgraded Farm Bureau Mutual Insurance Company of Idaho’s Financial Strength Rating. According to Todd Argall, Executive Vice President and CEO of Idaho Farm Bureau Insurance, “Receiving back-to-back-to-back Financial Strength Rating upgrades is truly remarkable.” In a companywide email, Argall attributed the upgrades to Idaho Farm Bureau Insurance’s employees, agents, and board members, saying: “You have taken on the challenge to improve and strengthen the financial health of our organization. Your hard work, determination, resiliency, skill, experience, teamwork, and commitment to our valued customers has been truly impressive. You can’t beat a Farm Bureau team working together toward a common mission!”
A press release from AM Best cited Idaho Farm Bureau Insurance’s improved underwriting and operating performance – driven by management’s various underwriting initiatives – as the reason behind this latest Financial Strength Rating upgrade from A- (Excellent) to A (Excellent). In 2022, Idaho Farm Bureau Insurance achieved its highest underwriting profit from its operation in the last decade. AM Best is the world’s oldest and most authoritative insurance rating source. Their Financial Strength Ratings are based on a comprehensive quantitative and qualitative evaluation of a company’s financial strength, operating performance, and business profile.