March 17, 2008
American Capital Assurance Rated B++ by A.M. Best Rating Organization
St. Petersburg, FL (March 17, 2008) - American Capital Assurance Group ("ACA" or "the Group"), of St. Petersburg, announced today it has received a Financial Strength Rating of B++ (Good) and an issuer credit rating (ICR) of "bbb" from one of the world’s most prestigious financial rating firms, A.M. Best.
ACA is composed of two Florida-based insurance carriers, American Capital Assurance Corp. (ACAC) and its subsidiary Home Pointe Insurance Company (Home Pointe). The rating marks the initial A.M. Best rating for the Group and for ACAC. Home Pointe, which ACAC recently acquired from North Pointe Insurance Company, had previously been rated B+ by A.M. Best. Concurrent with Home Pointe’s upgrade to B++, A.M. Best removed the Company from "Under Review" status. B++ ratings on the Group, ACAC, and Home Pointe have all been assigned a "Stable" outlook.
The group’s President and Chief Executive Officer, John Auer, said, "We are pleased that A.M. Best has recognized the strength of our organization, our financial profile and our comprehensive reinsurance program. The ratings assigned provide strong evidence that our policyholders can count on us to be there for them when it matters most."
American Capital Assurance Corp. specializes in writing property insurance on condominiums and currently insures over 1,000 condominium "master" policies in Florida, which insure items such as roofs, exterior walls, and other common property. Home Pointe Insurance Company specializes in homeowners insurance and currently insures over 14,000 policyholders in the State of Florida. Both organizations are owned by Safe Harbour Holding, LLC, and are affiliated with the managing general agency, Safe Harbour Underwriters, LLC, and American Strategic Insurance Group, a Florida-based insurance group that insures 327,000 policyholders in Florida, Texas, and Colorado.
A.M. Best Financial Strength Ratings are recognized as the benchmark for assessing the financial strength of insurance organizations. A.M. Best renders its independent opinion based upon a comprehensive evaluation of a company's balance sheet strength, operating performance, and business profile.