In addition to assigning a ‘stable’ outlook for 2007, A.M. Best Co. awarded Star Casualty Insurance Co. of Coral Gables an initial rating of B++. Star Casualty is a domestic property and casualty company that writes private passenger automobile insurance across Florida.
The rating reflects Star Casualty’s strong risk-adjusted capitalization, favorable operating performance, conservative investment philosophy and management’s knowledge of the non-standard automobile market, according to A.M. Best.
Additionally, the rating reflects the company’s favorable loss reserve development. Positive rating attributes include the company’s disciplined underwriting approach and strong local market knowledge. As a result, the company improved its surplus, driven by increased underwriting profits, strong fee income and increase investment income.
A rating of B++ is the highest rating in the “Very Good” category and is in the “Secure” range.
With 2006 coming to a close, Star Casualty is projected to have in excess of $18 million in net written premium and 13,000 policies in force.