July 26, 2024
Rockingham Insurance Withdraws from Florida; Rockingham Mutual Group Downgraded by Demotech
Rockingham Insurance Withdraws from Florida
Rockingham Insurance has provided that Rockingham Casualty Company and Rockingham Specialty, Inc. are withdrawing from Florida's surplus lines market effective June 30, 2024 and are in runoff.
Demotech Downgrades Rockingham Mutual Group
Demotech, Inc. has downgraded the Financial Stability Ratings (FSRs) of Rockingham Mutual Group, Inc. and its subsidiaries, Rockingham Insurance Company, Rockingham Casualty Company, and Rockingham Specialty, Inc. from A’ (A Prime), Unsurpassed, to A, Exceptional.
The FSR of A, Exceptional, is assigned to insurers who possess exceptional financial stability related to maintaining a positive surplus as regards policyholders, liquidity of invested assets, an acceptable level of financial leverage, reasonable loss and loss adjustment expense reserves (L&LAE), and realistic pricing.
For more information, please visit demotech.com.
AM Best Places Credit Ratings of SCOR SE and Its Main Operating Subsidiaries Under Review With Developing Implications
AM Best has placed under review with developing implications the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICRs) of “a+” (Excellent) of SCOR SE (SCOR) (France) and its main operating subsidiaries. See below for a detailed listing of companies and Credit Ratings (ratings).
SCOR SE is the parent company of General Security Indemnity Company of Arizona. General Security Indemnity Company of Arizona’s Florida direct premium in 2023 was $53.2M. $38.4M of the Florida direct premium was in Fire and Allied Lines combined.
For more information, please visit News.AMBest.com.
New Surplus Lines Insurer:
FCCI Specialty Insurance Company
FCCI Specialty Insurance Company (NAIC #: 17602) was recently approved by the Florida Office of Insurance Regulation to be listed as a Federally-Authorized Surplus Lines Carrier.
FCCI, a Delaware-domiciled Domestic Surplus Lines Insurer, received its Certificate of Authority from the Delaware Department of Insurance on February 23, 2024, and commenced business the same day. It is authorized to transact Property, Casualty, and Marine and Transportation insurance in Delaware.
They are seeking to write various insurance lines in Florida, including Fire, Allied Lines, Commercial Multi-Peril, Inland Marine, Earthquake, Other Liability, Commercial Auto Liability, Glass, Burglary and Theft, and Boiler and Machinery. They will focus on commercial property and casualty coverage in Florida on an excess and surplus basis with no plans to write personal residential homeowners insurance.
ABOUT FSLSO: The Florida Surplus Lines Service Office is a not-for-profit entity created by statute and regulated by the Florida Department of Financial Services and the Florida Office of Insurance Regulation. It is overseen by a nine-member Board of Governors and responsible for one of the largest surplus lines markets in the U.S., as measured by the billions in premium written annually by the industry in Florida.
If you have any questions, please contact FSLSO at 800-562-4496 or send an email to info@fslso.com.
