Florida-based Sunshine State Insurance Company announced its preliminary estimates of net losses related to Hurricanes Charley and Frances. While it is too early to estimate such losses precisely for these recent catastrophes, based upon information available through Wednesday, Sunshine State’s management estimates its losses, net of anticipated reinsurance recoveries, will be limited to approximately $700,000 after-tax per catastrophe.
“Our reinsurance structure was designed in conjunction with our brokers at U.S. RE Corporation to respond with protection for our policyholders even with multiple storms in a single hurricane season,” said Bruce Howson, chairman and president. “Given that these major storms both impacted Florida within three weeks of one another, our pre-purchase of reinstatements for our catastrophe coverage was particularly important.” All of Sunshine State’s reinsurers are rated between “A++” and “A-” by the A.M. Best Company.
Sunshine State Insurance Company is a privately held Florida domestic insurance company that specializes in personal property insurance throughout the state of Florida.
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