Shoreone Insurance A.m. Best Rating (2024)

FAQs

How long has Shore One insurance been in business? ›

ShoreOne Insurance Managers was founded in 2019 to address the significant coverage gap that flood-exposed coastal homeowners face.

A.M. Best grades insurers' credit in several categories, including their ability to meet their short- term, long-term and ongoing financial obligations. It's best known for its financial strength ratings (FSRs), however, which look at a company's ability to meet all of its policy and contract obligations.

Companies with the very best ratings include Geico, State Farm, Mass Mutual and New York Life; they all have the highest possible rating of A++. We've compared the A.M. Best ratings for several top insurance companies below.

AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” (Excellent) of Protective Property & Casualty Insurance Company (Protective P&C) (St. Louis, MO). The outlook of these Credit Ratings (ratings) is stable.

ShoreOne is led by a management team with deep experience in coastal homeowners insurance. The team includes Nick Steffey, CEO; Cameron Rhodes, President & COO; Zachary Smith, Vice President of Risk Management; and Satvinder Dhami, Vice President of Administration.

AM Best has downgraded the financial strength rating of State Farm General Insurance Co. from stable to negative, moving from A (excellent) to B, while the insurer's long-term issuer credit rating (ICR) fell from "a" (excellent) to "bb+" and now also carries a negative outlook, according to the ratings agency.

Demotech's “A” financial stability ratings have long been considered to be roughly equivalent to AM Best's “B”-level ratings, which are strong enough for Fannie Mae and Freddie Mac, the quasi-governmental entities (GSEs) that buy mortgages and require homes to be insured.

For example, A.M. Best's highest insurance company credit rating is A++, meaning superior, while Fitch's is AAA for exceptionally strong, Moody's is Aaa for the highest quality, and Standard & Poor's is AAA for extremely strong.

What is Allianz A.M. Best rating? ›

The A.M. Best rating of A+ (Superior)

AM Best has downgraded the Long-Term Issuer Credit Rating (Long-Term ICR) to “aa-” (Superior) from “aa” (Superior) and affirmed the Financial Strength Rating (FSR) of A+ (Superior) of the members of Allstate Insurance Group (Allstate).

1752 The Philadelphia Contributionship for the Insurance of Houses from Loss by Fire, the oldest insurance carrier in continuous operation in the United States, was established.

The company was founded in 1987. In 2008, Freeway Insurance became a part of Confie, a personal lines insurance distributor which services more than 1.1 million customers across the country.

In U.S. history, the first insurance company was based in South Carolina and opened in 1732 to offer fire coverage. Benjamin Franklin started a company in the 1750s, which collected contributions for preventing disastrous fires from destroying buildings.

1. The Philadelphia Contributionship. Established in 1752 by Benjamin Franklin, it's the oldest property insurance company in the United States.