State Farm Florida Ins Co
Major Rating Factors:
Fair profitability index (3.5 on a scale of 0 to 10) with operating losses during 2020 and 2022. Average return on equity over the last five years has been poor at -1.0%. Strong long-term capitalization index (7.6) based on excellent current risk adjusted capital (severe and moderate loss scenarios), despite some fluctuation in capital levels. Good liquidity (6.9) with sufficient resources (cash flows and marketable investments) to handle a spike in claims.
Other Rating Factors:
Excellent overall results on stability tests (7.7). Strengths include potentially strong support from affiliation with State Farm Mutual Automobile Ins Co, good operational trends and excellent risk diversification. A history of deficient reserves (2.8) that places pressure on both capital and profits. Deficiencies in the two year reserve development occurred in three of the previous five years and ranged between 17.4% and 24.0%.
Stability Factors:
T - Significant trends in critical asset, liability, income or expense items.
Principal Lines of Business:
Homeowners (86.4%), comm multi (3.1%), other (10.5%)
Licensed in:
FL, IL
Principal Investments:
Investment grade bonds (93.3%), other (6.7%)
Corporate Info
Group Affiliation
State Farm Mutual Automobile Ins Co
Investment Rating
--
Company Address
215 South Monroe Street
Tallahassee, FL 32301
Tallahassee, FL 32301
Phone Number
(850) 577-5600
NAIC Number
10739
Website
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