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Editorial Advisory Board

  • Professor Andrea M. Armani, University of Southern California
  • Ruti Ben-Shlomi, Ph.D., LightSolver
  • James Butler, Ph.D., Hamamatsu
  • Natalie Fardian-Melamed, Ph.D., Columbia University
  • Justin Sigley, Ph.D., AmeriCOM
  • Professor Birgit Stiller, Max Planck Institute for the Science of Light, and Leibniz University of Hannover
  • Professor Stephen Sweeney, University of Glasgow
  • Mohan Wang, Ph.D., University of Oxford
  • Professor Xuchen Wang, Harbin Engineering University
  • Professor Stefan Witte, Delft University of Technology

AM Best Upgrades Credit Ratings of Bankers Insurance Group’s Members

AM Best has upgraded the Financial Strength Rating to B++ (Good) from B+ (Good) and the Long-Term Issuer Credit Rating to “bbb” (Good) from “bbb-” (Good) of the members of Bankers Insurance Group (Bankers). The group members are Bankers Insurance Company (St. Petersburg, FL) and its property/casualty subsidiaries, Bankers Specialty Insurance Company (Metairie, LA) and First Community Insurance Company (St. Petersburg, FL). The outlook of these Credit Ratings (ratings) is stable.

The Credit Ratings (ratings) reflect Bankers’ balance sheet strength, which AM Best assesses as strong, as well as its marginal operating performance, limited business profile and appropriate enterprise risk management (ERM).

The rating upgrades reflect a material improvement in Bankers’ balance sheet strength and risk-adjusted capitalization, as measured by the Best Capital Adequacy Ratio (BCAR). Beginning in 2022, the group initiated a strategic nonrenewal of its homeowners’ insurance business, with the final policies nonrenewed in 2024. This decision was driven by ongoing volatility in the homeowners’ segment due to elevated weather-related events, rising reinsurance costs and increased litigation expenses. These issues placed pressure on the group’s operating performance and balance sheet metrics in prior years. The market exit significantly reduced the group's risk exposure and reinsurance requirements and contributed to improved BCAR scores. The group now focuses on commercial multiperil, builders risk, NFIP flood, and bail/surety lines—segments in which Bankers maintains a longstanding presence. Finally, the group has generated strong, double digit, organic surplus growth for two consecutive years, without any capital contributions propping up surplus. AM Best expects these strategic actions to continue stabilizing the group’s previously volatile surplus position and continue to bolster key balance sheet metrics.

The limited business profile reflects the limited geographic spread of risk of which the majority remains in Florida, although bail and NFIP products are written throughout the country. An appropriate ERM program is maintained through risk appetite and tolerance statements with risk management capabilities appropriately aligned with the risk profile.

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Copyright © 2025 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

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