News Releases

Florida Family's A.M. Best Rating Is Upgraded

Naples, Florida, April 22, 2004… A.M. Best Company has upgraded Florida Family Insurance Company's financial stability rating from ” B+” to “B++.” The “B++” rating recognizes Florida Family’s consistent results, favorable capitalization, local market knowledge, and conservative operating strategies. Florida Family Insurance Company received its first A.M. Best rating, “B+” (Very Good), in 2001, a rating that was re-affirmed in 2002 and again in 2003.

Rick Hardy, President and CEO of Florida Family, commented, "Our new ‘B++’ A.M. Best rating signals the endorsement of Florida Family business practices and financial strength by the industry’s foremost financial experts."

He continued, “The ‘B++’ rating is also a source of enormous gratification for our staff, who have dedicated themselves to delivering the highest standards of customer and claims services. Our steady, solid performance is the result of an unwavering commitment to provide superior products and protection to our Florida policyholders.”

The new “B++” rating follows an extensive A.M. Best review of Florida Family's management, operations, reinsurance program and investments. Florida Family is qualified to provide protection to homes insured by federal government agencies, such as Fannie Mae and Freddie Mac. The rating cites Florida Family's consistent operating performance, pointing to the company's emphasis on security and profitability.

Demotech, Inc., another rating service authorized by federal agencies to provide financial stability ratings of insurance companies, rates Florida Family as "A Prime."

Florida Family serves more than 87,000 families within the state of Florida, writing homeowners, dwelling fire and flood insurance products, which are distributed through a network of more than 550 Florida Independent Insurance Agents.