St. Pete insurance firm works to improve capital, stabilize results
March 8, 2021 - AM Best, a credit rating agency specializing in the insurance industry, downgraded the financial strength rating and the long-term issuer credit rating of American Capital Assurance Corp, a commercial property and flood insurance company based in St. Petersburg. The rating actions result from net underwriting losses from multiple severe weather events in the second half of 2020, particularly in Louisiana, which led to significant surplus loss and a severe negative impact to American Capital's risk-adjusted capitalization, AM Best said in a news release. American Capital's management has communicated strategic initiatives that are designed to immediately improve risk-adjusted capitalization and stabilize operating results, the news release said. The company expects to implement these actions and resolve the issues within the next 60 days, AM Best said.