NU Online News Service, Aug. 3, 4:14 p.m. EDT
The financial strength rating of State Farm Florida has been downgraded by A.M. Best Co. several days before the insurer begins non-renewing policies under a previous agreement with the state to keep it in Florida.
State Farm Florida was downgraded to "B-minus" from "B," with a negative outlook, due to the company's "continued significant deterioration in earnings and risk-adjusted capitalization in recent years and the expectation that some deterioration may continue over the near term," said the rating agency.
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