Ratings firm A.M. Best Co. has assigned a financial strength rating of B++ (Good) and an issuer credit rating of “bbb” to both Florida-based Lakeview Insurance Co., and its affiliate, Florida Family Insurance Co.
The outlook assigned to all of these ratings is stable.
Best said the ratings reflect the operating support Lakeview receives from Florida Family, in terms of both shared infrastructure and the implementation of an inter-company reinsurance pooling agreement.
In addition, Best said, Lakeview and Florida Family maintain favorable risk-adjusted capitalization, while expectations are that they will maintain moderate operating leverage measures and prudent reinsurance programs.
These positive factors are somewhat offset by both companies’ inherent exposure to weather-related events, as well as potential regulatory and judicial concerns that the companies may experience as single state property insurers in Florida.
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Source: A.M. Best
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