State Farm FL Ins Co
Major Rating Factors:
Fair reserve development (3.1 on a scale of 0 to 10) as the level of reserves has at times been insufficient to cover claims. Deficiencies in the two year reserve development occurred in three of the previous five years and ranged between 17.8% and 30.0%. Good overall profitability index (5.5) despite operating losses during 2022. Good liquidity (6.7) with sufficient resources (cash flows and marketable investments) to handle a spike in claims.
Other Rating Factors:
Strong long-term capitalization index (8.1) based on excellent current risk adjusted capital (severe and moderate loss scenarios), despite some fluctuation in capital levels. Excellent overall results on stability tests (8.6). Strengths include potentially strong support from affiliation with State Farm Mutual Automobile Ins Co, excellent operational trends and excellent risk diversification.
Stability Factors:
Principal Lines of Business:
Homeowners (83.4%), comm multi (3.5%), other (13.1%)
Licensed in:
FL, IL
Principal Investments:
Investment grade bonds (96.4%), non investment grade bonds (0.1%), other (3.5%)
Corporate Info
Group Affiliation
State Farm Mutual Automobile Ins Co
Investment Rating
--
Company Address
215 S. Monroe St.
Tallahassee, FL 32301
Tallahassee, FL 32301
Phone Number
(850) 577-5600
NAIC Number
10739
Website
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