AM Best downgrades FSR of State Farm subsidiary Dover Bay Specialty to B++
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AM Best downgrades FSR of State Farm subsidiary Dover Bay Specialty to B++

Shelby Rosenberg
October 02, 2023
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AM Best has downgraded State Farm subsidiary Dover Bay Specialty’s financial strength rating to B++ from A and its long-term issuer credit rating to BBB+ from A.

The ratings agency attributed the downgrades to Dover Bay’s “persistent” underwriting losses since 2021 — at which time AM Best revised the outlooks to negative — caused by “numerous” weather-related losses in Louisiana, Texas and other Gulf Coast and...

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