Service Insur-ance Company of Bradenton, Fla., has been removed from A.M. Best’s rate review process and assigned an excellent rating with an outlook of “stable.” Service, in business since 1978, has maintained its A-excellent rating for 17 years.
Service was impacted by hurricanes four times in 2004, resulting in more claims in 45-days than it usually receives in a year. It has top-rated reinsurance and its net loss was only a fraction of the $100 million. Consequently, Service made a commitment to improve its position by increasing capital.
To accomplish the increase, IAT Reinsurance Co. Ltd. joined Service In-surance’s shareholder group. IAT Reinsurance is headquartered in Bermuda with U.S. corporate operations in North Carolina, Illinois, Florida, California and Arizona. IAT has in excess of $800 million in capital.
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