AAA Florida Insurance Provider Sees Upgraded Credit Rating, Despite Active Hurricane Seasons

Business Wire

Auto Club Insurance Company of Florida's Credit Rating was upgraded to an A- (Excellent) by A.M. Best

TAMPA, Fla.--(BUSINESS WIRE)-- Despite a series of active hurricane seasons, AAA's Florida-based insurance provider has only gotten stronger. Auto Club Insurance Company of Florida (ACICF) received an A- (Excellent) credit rating from A.M. Best — the most recognized provider of insurance industry financial stability ratings. The rating was upgraded from a B++ (Good) on Thursday. With this new rating, ACICF is considered as having an excellent ability to meet ongoing insurance obligations. Click here to read the announcement from A.M. Best

"This exciting news shows AAA's commitment to providing reliable insurance coverage in Florida," said Thomas J. White, Executive Vice President, Florida Operations, AAA - The Auto Club Group. "Floridians can take comfort in knowing we are a financially strong and viable organization that has the ability to pay claims, despite the risks presented by the Florida market. 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 back."

ACICF provides protection to over 64,000 families in Florida. It is the only insurance company in the state to bundle home, auto, and umbrella coverage into a single contract. There are also benefits for AAA members, who receive additional savings on select auto coverages, based on the tenure of their membership.

Few Florida-focused insurance carriers maintain an A- (Excellent) rating from A.M. Best, in a state that faces significant exposure to hurricane events, as well as judicial and regulatory concerns. Florida's insurance industry was challenged by three major hurricanes in the past three years — Irma, Matthew, and Michael. As a result, more than 8,000 households filed hurricane-related claims with ACICF. Those claims were serviced at a rate that exceeded the industry standard.

"ACICF was built to help in this situation," White continued. "When Floridians faced damaging hurricane winds, AAA was there to help rebuild their lives. This updated credit rating should reassure Floridians that we will be there, through the good times and bad."

About AAA - The Auto Club Group

The Auto Club Group (ACG) is the second largest AAA club in North America. ACG and its affiliates provide membership, insurance, financial services and travel offerings to over 9.8 million members across eleven states and two U.S. territories including Florida, Georgia, Iowa, Michigan, Nebraska, North Dakota, Tennessee, Wisconsin, Puerto Rico and the U.S. Virgin Islands; most of Illinois and Minnesota; and a portion of Indiana. ACG belongs to the national AAA federation with more than 59 million members in the United States and Canada and whose mission includes protecting and advancing freedom of mobility and improving traffic safety. Motorists can map a route, identify gas prices, find discounts, book a hotel, and access AAA roadside assistance with the AAA Mobile app for iPhone, iPad and Android. Learn more at AAA.com/mobile. Visit AAA on the Internet at AAA.com.