Ratings agencies say St. Petersburg insurer isn't financially healthy

Ratings agencies say St. Petersburg insurer isn’t financially healthy
American Capital Assurance Corp. was downgraded by both AM Best and Demotech Inc. this month.
 
 
American Capital Assurance Corp. is a St. Petersburg-based insurer. Its financial health ratings were downgraded recently. Pictured is its website Thursday. | [Courtesy of American Capital Assurance Corp.] [ American Capital Assurance Corp ]
Updated Mar. 12
ST. PETERSBURG — Insurance ratings agencies lowered their assessment of a St. Petersburg insurer’s financial health last week, citing losses from severe storms last year.
AM Best downgraded American Capital Assurance Corp.’s rating from an “A-,” which is considered excellent, to a “C,” which is not, calling its financials “very weak.” American Capital is a commercial property insurer that writes policies for buildings such as condos and apartment complexes, as well as commercial flood insurance. It has customers in Florida, Texas, Louisiana, Georgia and the Carolinas, with fewer than 2,000 policies in Florida.

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