AM Best has revised the outlook to ‘positive’ from ‘stable’ for the long-term issuer credit rating (ICR) for Florida Lawyers Mutual Insurance Company (FLMIC), a captive of The Florida Bar.
The agency also affirms the long-term ICR of ‘a’ (Excellent), and the financial strength rating (FSR) of ‘A’ (Excellent), with a ‘stable’ outlook.
The ratings reflect the captive’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.
In addition, AM Best emphasises the FLMIC’s sustained positive operating performance over the past five years based on positive annual underwriting income supported by growing net investment income.
The company's underwriting results were supported by its strong pure loss ratio, though partially offset by a higher underwriting expense ratio due to increased overhead costs.
FLMIC maintains a neutral business profile assessment based on its strong market share position in Florida. It is the sole insurer dedicated to providing lawyers professional liability coverage for legal professionals practising privately in the state.
