A.M. Best Downgrades Safeway Property Rating

A.M. Best Co. has downgraded the financial strength rating to B (Fair) from B++ (Very Good) of Safeway Property Insurance Company (Gainesville, Fla.). The outlook is negative.

The rating downgrade recognizes the company’s reduced capitalization as a result of its ultimate net exposure from Hurricane Charley. As a result of expected losses, Safeway Property’s capitalization declined by approximately 25 percent. In addition, A.M. Best remains concerned with the company’s significant premium growth in recent years and the elevated catastrophe exposure in the hurricane-prone Florida market.

While operating performance has historically been favorable, the rating outlook is negative based on the company’s fair capitalization and the continued high gross catastrophe exposure.

Latest Comments

• May 30, 2007 at 2:01 am

  WENDY says:

  MY INSURANCE COVERAGE WENT FROM 672.00 TO 1,742 THEY SAID ITS FROM THE 04-05 HURRICANES AND IM JUST NOW PAYING FOR OTHERS DAMAGE 3 YEARS LATER, MY HOME HAS NEVER HAD DAMAGE AN... read more
• January 26, 2007 at 7:10 am

  RIPPED OFF INSURED says:

  My premiums have gone up from $ 532, to $856, and now to $ 2060. This is on a mfg. home of 800 sq ft. built in 2003 ! Is there any relief? and now to find that this coverage... read more
• November 17, 2005 at 2:40 am

  Chad Hill says:

  The people at Safeway Property Insurance are great caring people, I know this because I helped with their 2004 Hurricane Claims and they are one of the best companies to get i... read more