Seminole Casualty Car Insurance Claims

Seminole Casualty Insurance Company specializes in high risk casualty and property coverage and writes private auto insurance policies, such as private passenger non-standard vehicle liability, comprehension and collision, non-owners liability, minimum limit and personal physical injury and death policies.

The company operates through a network of agents and brokers and the internet, where it is possible to report claims directly to the company, view policies and pay premiums. The company requires any amendments to policies, such as change of address details or the updating of information be arranged directly with an agent.

History of Seminole Casualty

Seminole Casualty Insurance was incorporated as a privately held insurance agent, broker and service company in 1988. Its offices are in Fort Lauderdale, Florida.

Since that time the company has earned a rating of F from the Better Business Bureau. Of 15 complaints filed against the company, two have never been responded to.

Financial Stability of Seminole Casualty

The company has reported annual revenues of between $500,000 and $1 million. On May 26, 2010, A M Best Co, the internationally renowned insurance company rating agency, downgraded Seminole’s financial strength from B- (fair) to C+ (marginal). Its issuer credit rating was also reduced from b- to bb-. Both these ratings reflect a negative outlook for the company.

The cause was a reduction in its risk-adjusted level of capitalisation as a result of a 2009 underwriting loss and non-realisation of its investment gains which, in turn, resulted in a reduction of the company’s surplus. The situation further deteriorated because of the company’s negative loss in its premium growth and reserve development. A M Best also noted that the company’s capitalisation has the potential to decline further as a result of its questionable operating performance and the lack of stability of its capital structure.