INSURANCE
Quake Losses Prompt Ratings Review for Farmers Group: Insurance rating agency A. M. Best Co. said it placed Farmers Insurance Group’s “A” (Excellent) rating under review because of Farmers’ announced $600 million in gross claims from the Jan. 17 Northridge earthquake. Best estimated that quake claims would wipe out 15% of Farmers’ capital. Best said it expected to complete its review next month after evaluating the insurer’s efforts to bolster its surplus and reduce its exposure to catastrophe losses. Los Angeles-based Farmers is California’s third-largest carrier of property and casualty insurance.
For the record:
12:00 a.m. April 8, 1994 For the Record
Los Angeles Times Friday April 8, 1994 Home Edition Business Part D Page 2 Column 6 Financial Desk 1 inches; 30 words Type of Material: Correction
Farmers Group--Farmers Group is California’s second-largest insurance carrier in total property casualty business, after State Farm. A Briefly item in Thursday’s editions incorrectly ranked the company.
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