AM Best assigns ratings to Florida Insurance and Reinsurance Company

AM Best assigned an A- financial strength rating and an “a-” long-term issuer credit rating to Florida Insurance and Reinsurance Company, a new Tampa-based carrier owned by London’s MNK Group. MNK Group received a separate “bbb-” issuer credit rating. All outlooks are stable.

Florida Re  is a startup focused on commercial property, primarily condo associations, with additional assumed reinsurance business sourced through affiliate MGAs. The company plans to begin writing business by the end of 2025 and was capitalized through a cash contribution from its owner.

AM Best describes the balance sheet as very strong and the operating outlook as adequate, noting execution risk common to new entrants.