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.

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Steve Hallo

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

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