A.M. Best Places Rating of Nationwide Insurance Company of Florida under Review with Negative Implications.OLDWICK, N.J. -- A.M. Best Co. has placed 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 B (Very Good) of Nationwide Insurance Company of Florida (NICOF) (Columbus, OH) under review with negative implications. This rating action follows the estimated losses associated with Hurricane Wilma Hurricane Wilma was the most intense hurricane ever recorded in the Atlantic basin. Exceeding the 21 storms of the 1933 season, Wilma was the twenty-second storm (including the subtropical storm discovered in reanalysis), thirteenth hurricane, sixth major hurricane, and fourth on the company's capitalization capitalization n. 1) the act of counting anticipated earnings and expenses as capital assets (property, equipment, fixtures) for accounting purposes. 2) the amount of anticipated net earnings which hypothetically can be used for conversion into capital assets. . NICOF is a subsidiary of Nationwide Mutual Insurance Company Nationwide Mutual Insurance Company & Affiliated Companies is a group of large U.S. insurance and financial services companies based in Columbus, Ohio. History Beginnings as Farm Bureau Mutual (NMIC NMIC National Meat Inspection Commission (Philippines) NMIC National Maritime Intelligence Center (Office of Naval Intelligence, Suitland, MD) NMIC Northern Manhattan Improvement Corporation ) (Columbus, OH). The rating reflects the company's current level of risk-adjusted capital as well as the past financial support provided by its parent company, NMIC. The under review status reflects the ongoing exposure that NICOF's surplus has to significant Florida losses. The rating will remain under review pending A.M. Best's discussions with management regarding the re-capitalization of NICOF. Based on the company's level of risk-adjusted capital following NICOF's re-capitalization, an appropriate rating will be assigned. NICOF was established as a Florida-only personal lines writer within the Nationwide Group. A.M. Best will continue to monitor NICOF's risk-adjusted capitalization, with the expectation that the parent company will remain committed to serving the Florida market. For Best's Ratings Best's rating A rating A.M. Best Co. assigns to insurance companies based on the company's ability to meet its obligations to its policyholders. , an overview of the rating process and rating methodologies, please visit www.ambest.com/ratings. A.M. Best Co., established in 1899, is the world's oldest and most authoritative insurance rating and information source. For more information, visit A.M. Best's Web site at www.ambest.com. |
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