Atlantic Preferred Insurance Company, a member of the Florida-based Poe Financial Group, has earned a B+ rating from A.M. Best.
Atlantic Preferred’s first A.M. Best rating reflects its ability to meet its ongoing financial obligations to its policyholders and strength in the marketplace.
“We are extremely pleased with our first rating from A.M. Best for two reasons,” said Jim Wurdeman, president and CEO of Poe Financial Group. “One, this rating gives our clients and potential clients even more confidence and trust in our company. And, secondly, it is encouraging to have another clear message to the industry that our strategic business and management plan is working.”
Since Jan. 5, 2001, Atlantic Preferred has grown significantly from $10 million in capital, the point at which Poe Financial Group purchased the company, to $38.6 million as of March 31, 2004. Established in 1998 as a homeowner’s property and casualty company, Atlantic Preferred began its operations by “taking out” policies from Citizens Property Insurance Company, the successor of Florida Residential Property and Casualty Joint Underwriting Association (JUA), resulting in service to 15,000 in force policies.
Poe Financial Group focused its efforts on growing Atlantic Preferred’s homeowner portfolio with voluntary writings through independent agents and additional assumptions.
As such, Atlantic Preferred has steadily grown to 122,000 homeowner policyholders as of March 31, 2004, and premiums have significantly risen from $7 million in January 2001 to $140 million as of March 31, 2004.
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