AM Best has revised the outlooks to stable from negative and affirmed the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of “bbb-” (Good) of Buckeye State Mutual Insurance Company and its affiliate, Home and Farm Insurance Company. Both companies are domiciled in Piqua, Ohio and are referred to as Buckeye.

The Credit Ratings (ratings) reflect Buckeye’s balance sheet strength, which AM Best assesses as strong, as well as its marginal operating performance, limited business profile and marginal enterprise risk management (ERM).

The revision of the outlooks to stable from negative reflects an improvement in Buckeye’s risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), which is at the strongest level. In 2025, the group reported its first increase in surplus in five years while recording minimal underwriting losses. The group’s results have been challenged through the first six months of 2026, largely by weather-related losses. These results are anticipated to improve in the second half of 2026, with the expectation that Buckeye will generate organic surplus growth.

The stable outlooks reflect AM Best’s expectation that Buckeye will maintain a strong balance sheet strength assessment over the intermediate term. Operating performance is expected to remain marginal due to the group’s inherent exposure to weather-related events. However, AM Best expects the group’s ERM initiatives to continue gaining traction, resulting in more consistent and less volatile operating results.

Source: AM Best

Topics Trends AM Best Ohio