Florida Specialty Insurance Company has been assigned a Financial Stability Rating (FSR) of A, Exceptional, following the implementation of a new action plan that includes a loss portfolio transfer and reinsurance programme with Sirius America Insurance Company.
The loss portfolio transfer applies to Florida Specialty’s net losses, while the reinsurance relates to the balance of the company’s net premium.
Financial analysis firm Demotech, Inc. affirmed the new FSR, maintaining that Florida Specialty’s new strategy effectively addresses concerns and protects the interests of policyholders, producers, and regulators.
Joseph L. Petrelli, President of Demotech, said: “Given this action plan, regulators, policyholders, claimants, and producers currently associated with Florida Specialty Insurance Company can be comfortable knowing that the Company has the capability to stand behind its commitments.”
Demotech specialises in evaluating the financial stability of regional and specialty re/insurers, and assigns FSRs to Property and Casualty (P&C) re/insurers and Title underwriters.
