About Gulfstream
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Gulfstream
Property and Casualty Insurance Company has a Financial
Stability Rating® of “A Exceptional” from
Demotech, Inc., a rating organization accepted by the Office
of Insurance Regulation (“OIR”). Click HERE
for detailed information. |
Gulfstream’s financials, including reinsurance structure, are filed with the OIR and reviewed by Demotech quarterly. Gulfstream is reinsured through Quota Share Reinsurance as well as Catastrophe Excess of Loss Reinsurance Coverage with various reinsurance companies, including the Florida Hurricane Catastrophe Fund. Gulfstream maintains reinsurance to cover the one in one hundred year event and, as an admitted market, is included under the Florida Guarantee Fund.
Gulfstream verifies the financial condition of all of its reinsurers on an annual basis.
Reinsurance Program
Gulfstream Property and Casualty Insurance Company worked closely with and gained the approval of the Florida Office of Insurance Regulation regarding its reinsurance program structure.
Following the severe
2004 and 2005 hurricane seasons, agents and policyholders will appreciate
that the Office of Insurance Regulation was especially thorough
in its review of Gulfstream’s reinsurance program regarding
quality of reinsurers, net loss retention and the overall program
structure. This structure includes significant occurrence protection
with quota share and catastrophe excess of loss augmenting the FHCF
with a very modest net retention. Prior to the beginning of each
hurricane season on June 1, Gulfstream purchases reinsurance, including
Reinstatement of limit Premium Protection coverage that indemnifies
Gulfstream for claims that Gulfstream may become liable to pay as
a result of a hurricane, windstorm and/or hail. Additionally each
year, Gulfstream voluntarily purchases third event reinsurance coverage
up to the FHCF attachment point for a third event to further protect
policyholder interests and surplus.
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