FCCI Specialty Insurance Company Receives Excellent Ratings in Sarasota
- FCCI Specialty Insurance Company has been assigned an A (Excellent) Financial Strength Rating and an 'a' (Excellent) Long-Term Issuer Credit Rating by AM Best.
- The company will start offering property and casualty coverages on an excess and surplus lines basis from October 1, 2024, and has entered a reinsurance pooling arrangement with FCCI Insurance Company.
- These developments indicate a strong market position and stability for FCCI Specialty within the insurance industry.
FCCI Specialty Insurance Company, based in Sarasota, Florida, has received a Financial Strength Rating of A (Excellent) and a Long-Term Issuer Credit Rating of 'a' (Excellent) from AM Best. This rating reflects the very strong consolidated balance sheet strength of FCCI Insurance Group, along with its adequate operating performance and neutral business profile. The outlook for these ratings is stable, indicating confidence in the company's future performance. Starting October 1, 2024, FCCI Specialty will offer property and casualty coverages on an excess and surplus lines basis. Additionally, the company has entered into a reinsurance pooling arrangement with its affiliate, FCCI Insurance Company, which will see FCCI Specialty cede 100% of its ultimate gross liability under all policies. This agreement is set to renew automatically each year, ensuring ongoing support and risk management for FCCI Specialty. The ratings and the new operational plans signify a strategic move for FCCI Specialty as it integrates into the FCCI Insurance Group, enhancing its market presence and stability in the insurance sector.