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 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.

Continue Reading for Free

Register and gain access to:

  • Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
  • Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Steve Hallo

Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected]

Personal Lines