Security First Ins Co
Major Rating Factors:
Poor long-term capitalization index (1.7 on a scale of 0 to 10) based on weak current risk adjusted capital (severe and moderate loss scenarios), although results have slipped from the fair range over the last two years. Vulnerable liquidity (1.6) as a spike in claims may stretch capacity. Fair reserve development (3.2) as the level of reserves has at times been insufficient to cover claims. In 2023 the one year reserve development was 30.1% deficient.
Other Rating Factors:
Fair profitability index (3.8) with operating losses during 2019, 2020, 2021 and 2022. Average return on equity over the last five years has been poor at -10.7%. Good overall results on stability tests (6.4) despite weak risk adjusted capital in prior years. Stability strengths include good operational trends and good risk diversification. The largest net exposure for one risk is acceptable at 2.7% of capital.
Stability Factors:
C - Past results on our Risk-Adjusted Capital tests.
L - Past results on our liquidity tests.
Principal Lines of Business:
Homeowners (72.6%), fire (27.3%)
Licensed in:
All states except AK, CA, ID, IN, MA, ME, MI, NY, OH, VA, WI, WV, WY
Principal Investments:
Investment grade bonds (62.6%), real estate (22.3%), cash (7.8%), non investment grade bonds (1.3%), preferred stock (0.7%), other (5.1%)
Corporate Info
Group Affiliation
None
Investment Rating
--
Company Address
1001 Broadway Avenue
Ormond Beach, FL 32174
Ormond Beach, FL 32174
Phone Number
(877) 333-9992
NAIC Number
10117
Largest Affiliates
No affiliate information available.