Atlantic Preferred Insurance Company, a member of the Florida-based Poe Financial Group, earned a “B+” rating from A.M. Best. Atlantic Preferred’s rating reflects its ability to meet its ongoing financial obligations to its policyholders and strength in the market.
Since Jan. 5, 2001, Atlantic Preferred has grown significantly from $10 million in capital, the point at which Poe Financial Group purchased the company, to $38.6 million as of March 31, 2004. Established in 1998 as a homeowners P/C company, Atlantic Preferred began its operations by “taking out” policies from Citizens Property Insurance Company, the successor of Florida Residential Property and Casualty Joint Underwriting Association (JUA), resulting in service to 15,000 in force policies. Atlantic Preferred has steadily grown to 122,000 homeowner policyholders as of March 31, 2004, and premiums have significantly risen from $7 million in Jan. 2001 to $140 million as of March 31, 2004.
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