Despite a volatile insurance market, AAA’s Florida-based insurance providers continue to strengthen their position in the state

03 March 2022

Despite a volatile insurance market, AAA’s Florida-based insurance providers continue to strengthen their position in the state.

“This is a challenging time for Florida homeowners,” said Jennifer Pintacuda, President of AAA’s Florida-based insurance companies. “Every day we hear about insurance carriers that have stopped writing new business, are not renewing policies, or simply pulling out of the Florida market altogether. AAA is not doing that in Florida, and our updated insurance rating reinforces our reputation as an insurance provider that Floridians can count on.”

Recently, AM Best – the recognized authority on financial strength ratings in the insurance industry – raised its ratings for AAA’s Florida-based insurance company Auto Club Insurance Company of Florida (ACICF). AM Best upgraded the Financial Strength Rating (FSR) to A (Excellent) from A- (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) to “a” (Excellent) from “a-” (Excellent) for ACICF. Additionally, AM Best affirmed the FSR of A (Excellent) and the Long-Term ICR of “a” (Excellent) of Auto Club South Insurance Company (ACSIC).

For rating purposes, AM Best identifies ACICF and ACSIC as Auto Club Florida Group (ACFG), based in Tampa, Florida. In a separate announcement, AM Best based the ratings on ACFG’s very strong balance sheet strength, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management. Click here to read the announcement from A.M. Best.

"This exciting news shows Floridians that we are a financially strong and viable organization that has the ability to pay claims, despite the risks presented by the Florida market,” Pintacuda continued.

Collectively, ACICF and ACSIC provide protection for nearly 130,000 policies in Florida. ACICF offers Floridians a unique opportunity to bundle home, auto, and umbrella coverage into a single insurance policy. There are also benefits for AAA members, who receive additional savings on select auto coverages, based on the tenure of their membership.

“AAA continues to simplify the way insurance is provided in Florida, so members can focus on the most important things in life, with the comfort of knowing that we have their backs. This updated credit rating should reassure Floridians that we will be there, protecting some of their most valuable assets through the good times and bad," Pintacuda said.

AAA Members can request a quote by visiting AAA.com/Insurance, calling 877-248-5302, or by visiting one of our Florida branches.

About AAA - The Auto Club Group

The Auto Club Group (ACG) is the second largest AAA club in North America with more than 13 million members across 14 U.S. states, the province of Quebec and two U.S. territories. ACG and its affiliates provide members with roadside assistance, insurance products, banking and financial services, travel offerings and more. ACG belongs to the national AAA federation with more than 62 million members in the United States and Canada. AAA’s mission is to protect and advance freedom of mobility and improve traffic safety. For more information, get the AAA Mobile app, visit AAA.com, and follow us on Facebook, Twitter and LinkedIn.

About AM Best

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. For more information, visit www.ambest.com.