A.M. Best Affirms Ratings of First Colonial Insurance Company.OLDWICK, N.J. -- A.M. Best Co. has affirmed af·firm v. af·firmed, af·firm·ing, af·firms v.tr. 1. To declare positively or firmly; maintain to be true. 2. To support or uphold the validity of; confirm. v.intr. the financial strength rating (FSR (Free System Resource) In Windows 3.x, the amount of unused memory in various 64K blocks reserved for managing current applications. Every open window takes some space in this area. See Windows memory limitation. ) of A (Excellent) and issuer credit rating (ICR (Intelligent Character Recognition or Image Character Recognition) The machine recognition of hand-printed characters as well as machine printing that is difficult to recognize. ) of "a" of First Colonial Insurance Company (First Colonial) (Jacksonville, FL). The outlook for both ratings is stable. First Colonial's ultimate parent is The Allstate Corporation (Allstate) (Northbrook, IL) (NYSE NYSE See: New York Stock Exchange : ALL). The rating affirmations are based on First Colonial's solid risk-adjusted capitalization and the ultimate ownership and financial support provided by Allstate. As a subsidiary of Allstate, First Colonial benefits from Allstate Insurance Group's expansive market presence and brand name recognition. First Colonial's capital position reflects its conservative investment risk profile and historical record of financial support from its ultimate parent. This was demonstrated by capital contributions of $77 million over the previous five-year period, which supported significant premium growth in earlier years and mitigated operating losses operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. as First Colonial implemented a countrywide coun·try·wide adv. & adj. Throughout a whole country; nationwide: launched a fundraising campaign countrywide; a countrywide search. Adj. 1. growth strategy. These positive rating attributes are partially offset by First Colonial's unfavorable five-year operating performance and fluctuating fluc·tu·ate v. fluc·tu·at·ed, fluc·tu·at·ing, fluc·tu·ates v.intr. 1. To vary irregularly. See Synonyms at swing. 2. To rise and fall in or as if in waves; undulate. v. premium volume. This was particularly evident in 2008 as First Colonial produced substantial operating losses, driven by an increase in unearned premium reserves and a sharp decline in premium volume primarily due to the economic decline in automobile sales nationwide. For Best's Credit Ratings, an overview of the rating process and rating methodologies, please visit www.ambest.com/ratings. The principal methodologies used in determining these ratings, including any additional methodologies and factors, which may have been considered, can be found at www.ambest.com/ratings/methodology. Founded in 1899, A.M. Best Company is a global full-service credit rating organization dedicated to serving the financial and health care service industries, including insurance companies, banks, hospitals and health care system providers. For more information, visit www.ambest.com. |
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