Service Insurance Company of Bradenton, Fla., hit with customer losses of more than $100 million in the four hurricanes that swept Florida in 2004, was removed from A.M. Best’s rate review process and assigned an excellent rating with a stable outlook. Service has maintained an “A-” (excellent) rating for 17 years.
As a result of the hurricanes, Service was impacted with four-times more claims in a 45-day period than it usually receives in a year. Much of the insurance industry in Florida suffered severe losses in the storms. Service 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.
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