Major Rating Factors:
Fair reserve development (3.6 on a scale of 0 to 10) as reserves have generally been sufficient to cover claims. Fair profitability index (4.8) with operating gains in each of the last five years. Return on equity has been low, averaging 2.9% over the past five years. Fair overall results on stability tests (4.6) including excessive premium growth. Strengths include potentially strong support from affiliation with FCCI Mutual Ins Holding Co.
Other Rating Factors:
Good liquidity (6.9) with sufficient resources (cash flows and marketable investments) to handle a spike in claims. Strong long-term capitalization index (10.0) based on excellent current risk adjusted capital (severe and moderate loss scenarios). Moreover, capital levels have been consistent in recent years.
Stability Factors:
D - Limited diversification of general business, policy, and/or investment risk.
R - Concerns about the financial strength of its reinsurers.
Principal Lines of Business:
Personal/comm auto (59.3%), comm multi (16.0%), fire (4.6%), work comp (1.3%), product liab. (0.9%), fin guar/surety (0.6%), other (17.3%)
Licensed in:
AL, AR, FL, GA, MS, TN
Principal Investments:
Investment grade bonds (98.1%), other (1.9%)
Corporate Info
Group Affiliation
FCCI Mutual Ins Holding Co
Investment Rating
--
Company Address
6300 University Parkway
Sarasota, FL 34240
Sarasota, FL 34240
Phone Number
(941) 907-3224
NAIC Number
10993
Website
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