State Farm

State Farm E&S operation Dover Bay has FSR cut to B++ by AM Best

State Farm’s Atlantic coast-focused E&S subsidiary Dover Bay Specialty Insurance Company has had its financial strength rating downgraded from A to B++ by AM Best in response to the platform’s “persistent underwriting losses since 2021”.

Fitch: Large carriers’ retreat from California will spur E&S growth

The retreat of larger carriers such as State Farm from California’s homeowners market signals regulatory constraints, rising cost inflation and higher catastrophe losses, Fitch Ratings has commented, with more growth expected in the excess and surplus lines market as a result.

State Farm enters Florida E&S homeowners platform

State Farm’s E&S platform Dover Bay Specialty Insurance Company has begun underwriting in Florida as the US insurance giant looks to broaden its offering in the Sunshine State to coastal areas it had retreated from in the last decade, The Insurer can reveal.