Sunshine State Insurance Holdings Corporation has contributed $2 million cash to its captive insurance company’s surplus.
The contribution brings Sunshine State Insurance Company’s policyholders’ surplus to in excess of $17 million, the highest level in the company history.
Stephen Korducki, president and CEO of Sunshine State Insurance Company, explained that the surplus contribution is part of a continuing effort to strengthen the company’s balance shett.
Korducki reported the company’s policyholders’ surplus has increased 60 percent over the past three years through a combination of earnings and capital contributions.
The company’s modeled probable maximum 1-in-100-year hurricane loss has decreased by over 40 percent during the same time span, added Korducki in a release.
Sunshine State Insurance Company is based in Jacksonville and has served Florida policyholders since 1997.
