News

Florida Family Insurance Upgraded to A- Rating by A.M. Best Company

Florida Family Insurance was recently upgraded to an A- (Excellent) Financial Strength Rating from A.M. Best Company. Florida Family was assigned an initial rating of B+ (Good) by A.M. Best in 2001, and was previously upgraded to B++ (Good) in 2004.

Rick Hardy, Chairman and CEO of Florida Family, states that the company’s focus since its inception has been to deliver peace of mind to its policyholders in a market with a reputation for volatility. "It’s a tremendous and rare accomplishment to have achieved an A- Financial Strength Rating as a Florida-only residential property carrier. I feel that this acknowledgment is a direct reflection of our unwavering commitment to treating people fairly, paying claims quickly, and ensuring longevity for our policyholders. This recognition is a testament to the hard work of our employees and valued agency partners on behalf of our policyholders.”

A.M. Best cites Florida Family’s “consistent trend of strong operating results, growth of policyholders’ surplus and operating returns that compare favorably with the composite average over the past ten years” as the basis for the upgrade. They also added that “the group’s level of capitalization has increased over the same period stemming from above-average net income and close management of its underwriting guidelines, rate levels, credit risk and asset risk.” A.M. Best’s Financial Strength Ratings are recognized as the benchmark for assessing the financial strength for insurance organizations throughout the globe.

Read A.M. Best's press release

The methodology used in determining these ratings is Best’s Credit Rating Methodology, which provides a comprehensive explanation of A.M. Best’s rating process and contains the different rating criteria employed in the rating process. Best’s Credit Rating Methodology can be found at www.ambest.com/ratings/methodology.