Major Rating Factors:
Weak profitability index (1.8 on a scale of 0 to 10) with operating losses during 2020, 2021 and 2022. Average return on equity over the last five years has been poor at -6.1%. Vulnerable liquidity (1.2) as a spike in claims may stretch capacity.
Other Rating Factors:
Fair reserve development (4.4) as reserves have generally been sufficient to cover claims. Fair overall results on stability tests (3.2) including weak results on operational trends and negative cash flow from operations for 2022. Strong long-term capitalization index (7.3) based on excellent current risk adjusted capital (severe and moderate loss scenarios), despite some fluctuation in capital levels.
Stability Factors:
F - Negative cash flow.
L - Past results on our liquidity tests.
T - Significant trends in critical asset, liability, income or expense items.
Principal Lines of Business:
Homeowners (53.8%), personal/comm auto (44.9%), other (1.3%)
Licensed in:
FL
Principal Investments:
Investment grade bonds (65.9%), common stock (9.3%), other (24.8%)
Corporate Info
Group Affiliation
Auto Club Enterprises Ins Group
Investment Rating
--
Company Address
9125 Henderson Road
TAMPA, FL 33634
TAMPA, FL 33634
Phone Number
(813) 632-2537
NAIC Number
12813
Website
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