The regional carrier has a $35mn retention, which could be partially reduced by additional reinsurance recoveries from supplemental Non-Florida reinsurance program.
AM Best noted the Cayman Islands-based carrier’s “very strong” risk-adjusted capitalisation and financial flexibility, which both contributed to the stable outlook the agency holds on the business.
Cincinnati Financial shares took a hit of as much as 6 percent yesterday after the Ohio-based insurer missed analysts’ expectations for its first quarter results, reported late yesterday. The stock closed down 4.5 percent.
