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Amigo Insurance company offers private, commercial auto, and homeowner’s insurance to Floridians, with a specific focus on the special needs of Hispanic customers. They offer competitive pricing and specialty product options.
Back in 1986, the company started out as the US Security Insurance Company and was established in Florida. It later became the Kingsway Amigo Insurance Company. The insurer has been offering personal lines of insurance since its beginning, but as recently as the year 2000 began selling commercial insurance policies. In order to service the needs of their target customers, the provider employs a fully bilingual staff.
Amigo possesses a large network of independent, dedicated agents from which customers can purchase their auto insurance policies. They can even use the latest Point of Sale online software in order to manage and service your account.
The company realizes that the ever-increasing Hispanic presence in the US presents a market of customers with special insurance needs which most companies fall short of fulfilling. In addition to catering to the needs of these special customers, the insurer is also dedicated to providing excellent customer service and remaining competitive in the dynamic insurance market. Amigo car insurance company plans to grow significantly in the near future, while still providing value and good service to all of its customers.
Review of Amigo Auto Insurance
Unfortunately, the financial strength of Amigo has been waning as of late. This year A.M. Best rated their financial strength as “Marginal” (C++) which is a down grade from the previous year’s “Fair” rating (B-). Also, Amigo received an ICR (issuer credit rating) downgrade of B (while their rating the previous year was BB-). All of these ratings reflect poorly on Amigo’s current business performance.
These unfortunate downgrades are the direct result of Amigo’s business operating performance at the end of 2010. The company experienced a 34% surplus loss for that year. In addition, these downgraded ratings are a reflection of Amigo’s overall business practices, which these rating agencies feel gives them cause for concern. Specific problem areas cited include an inordinate amount of operating/financial leverage, risk-adjusted capitalization, and an unprofitable earnings trend from a previous timeframe of unprecedented growth.
Amigo auto insurance also faces external challenges to their business as well as internal. The currently weak economy and competition from other insurance companies are hurting their rating. In addition, Amigo’s premium volumes are declining at a time when claim costs are rising. But Amigo is making strides in order to improve both customer service and operating efficiency.