Universal Insurance Co. of North America has received an upgraded Financial Stability Rating of A’ (A Prime) Unsurpassed for its Florida operations from the rating organization Demotech.
Demotech said it upgraded the rating after an evaluation of the company’s financial position, reinsurance program and contingency plans.
Universal North America previously earned a Financial Stability Rating of A, Exceptional.
The upgrade was announced last week, following a review of the contingency plans of Florida property insurance carriers. In November 2008, Demotech initiated a supplemental review of carriers that rely heavily on reinsurance protection secured from the Florida Hurricane Catastrophe Fund (FHCF).
According to Rick Espino, president of Universal North America, his company purchases reinsurance well beyond the requirements of the state of Florida.
Universal North America offers homeowners, dwelling fire, condominium unit owners, tenants policies, and flood policies. Plus Universal offers personal auto coverage and will soon offer personal umbrella liability coverage.
In Florida, Universal North America offers commercial property policies. Universal is currently offering products in Arizona, Florida, Hawaii, Nevada, South Carolina and Texas and is pursuing licenses in other states.
Universal North America is a wholly owned subsidiary of Universal Group, Inc. in Puerto Rico.
For more information, visit UniversalNorthAmerica.com.
Topics Florida
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