Press release content from Business Wire. The AP news staff was not involved in its creation. AM Best Places Credit Ratings of Members of Bankers Insurance Group Under Review with Negative Implications January 14, 2021 GMT AM Best has placed under review with negative implications the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “bbb” of the members of Bankers Insurance Group (Bankers), which includes Bankers Insurance Company (St. Petersburg, FL) and its property/casualty subsidiaries, Bankers Specialty Insurance Company (Metairie, LA) and First Community Insurance Company (St. Petersburg, FL). The under review with negative implications status follows AM Best’s latest review of Bankers, which reported material surplus deterioration primarily driven by a number of weather events in the second half of 2020. The erosion of capital had a negative impact on risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), creating significant pressure on the overall balance sheet assessment. In response, management has communicated near-term action plans that are expected to improve risk-adjusted capital through more robust balance sheet protection, a capital infusion and strategic exposure reduction efforts. In part, these actions involve heightened execution risk in light of challenging reinsurance market conditions. Furthermore, some company actions are pending regulatory approval.