STATE FARM FLORIDA 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. In 2020 and 2022 the two year reserve development was 17% and 18% deficient respectively. Fair overall results on stability tests (4.2) including weak results on operational trends and negative cash flow from operations for 2022.
Other Rating Factors:
Weak profitability index (2.1) with operating losses during 2018, 2020 and 2022. Average return on equity over the last five years has been poor at -5.1%. Good liquidity (6.3) with sufficient resources (cash flows and marketable investments) to handle a spike in claims. Strong long-term capitalization index (7.9) based on excellent current risk adjusted capital (severe and moderate loss scenarios), despite some fluctuation in capital levels.
Stability Factors:
F - Negative cash flow.
T - Significant trends in critical asset, liability, income or expense items.
Principal Lines of Business:
Homeowners (86.5%), comm multi (2.6%), other (10.8%)
Licensed in:
FL, IL
Principal Investments:
Investment grade bonds (96.1%), other (3.9%)
Corporate Info
Group Affiliation
State Farm Group
Investment Rating
--
Company Address
215 S Monroe St
Tallahassee, FL 32301
Tallahassee, FL 32301
Phone Number
(309) 766-2991
NAIC Number
10739
Website
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