AM Best Assigns Credit Ratings to FCCI Specialty Insurance Company

SEPTEMBER 30, 2024 04:42 PM (EDT)

AM Best Assigns Credit Ratings to FCCI Specialty Insurance Company

CONTACTS:

FOR IMMEDIATE RELEASE

OLDWICK - SEPTEMBER 30, 2024 04:42 PM (EDT)
AM Best has assigned a Financial Strength Rating of A (Excellent) and a Long-Term Issuer Credit Rating of "a" (Excellent) to FCCI Specialty Insurance Company (FCCI Specialty) (Sarasota, FL). The outlook assigned to these Credit Ratings (ratings) is stable.

FCCI Specialty joins the FCCI Insurance Group organization (FCCI) as a wholly owned subsidiary of FCCI Insurance Group (FCCI Group). The ratings reflect FCCI Group's consolidated balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.

FCCI Specialty will provide property/casualty coverages on an excess and surplus lines basis beginning on Oct. 1, 2024. FCCI Specialty entered into a reinsurance pooling arrangement with its affiliate, FCCI Insurance Company, in which FCCI Specialty will cede 100% of its ultimate gross liability under all policies. The agreement will continue to be automatically renewed annually.

This press release relates to Credit Ratings that have been published on AM Best's website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best's Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best's Credit Ratings, Best's Performance Assessments, Best's Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best's Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.