Placing business with a financially strong insurance company is important. Often, the tendency is to shop for an insurance company that offers the lowest premium while overlooking other critical areas. Consumers need some assurance that a company is financially sound and will be there when you need them.

Avatar Property & Casualty Insurance Company endeavors to be your insurance company of choice by applying diligence, responsiveness, and integrity into everything we do. We pledge to provide exceptional customer care and prompt claims service. Avatar provides stability to our policy holders by doing things right from the start, so there are no surprises down the road. We achieve that by underwriting and inspecting every new risk and responding to most claims on the same day. An integral part of the stability we provide is our financial stability.

Let's have a look at Avatar's financials. Surplus has grown from $9.8M in 2008 to $24.6M in 2016. That's a 150% increase over 9 years! Avatar has nearly quadrupled its gross premiums written from $9.8M in 2008 to $32.5M in 2016 and had an increase of $31.8M in admitted assets over the course of its existence. Avatar has had 4 consecutive years of underwriting gains and that isn't nearly as impressive as the 8 years in a row of net income. Avatar has one of the lowest gross loss ratios in the industry! Most Florida property and casualty insurance companies are operating with a gross loss ratio of approximately 40% which means that Avatar, at 26.7%, is over 10% below the average. As you can see, Avatar has the financial stability to pay out claims and take care of our policy holders when the unexpected happens.

Avatar's long-term, conservative financial approach and strong adherence to underwriting principles insure we will remain strong in meeting obligations to our policy holders and agents well into the future. Avatar looks forward to serving the needs of our policy holders for many years. We have the products that you need, the capability to provide the service you deserve and the financial stability to respond to meritorious claims.

Below is our financial reports to the Florida Office of Insurance Regulation (FOIR). You are also welcome to contact us directly and we can provide you the full filing. Thank you.

Balance Sheet as of December 31, 2016

Assets: Net Admitted Assets
Bonds: $36,783,531
Cash And Short-term Investments: $7,317,089
Deferred Installment/Agents' Balance Rec: $3,726,015
Net Deferred Tax Asset $1,000,388
Other Assets $778,327
Total Assets $49,605,350

Liabilities and Surplus:
Loss and Loss Adjustment Reserve: $8,121,802
Net Unearned Premiums $13,143,619
Ceded Reinsurance Payable $1,087,568
Payable to Affiliates $1,441,985
Other Liabilities: $1,426,030
Total Liabilities $25,221,004

Capital Paid in and Contributed Surplus: $10,000,000
Surplus Note $3,000,000
Unassigned Surplus: $11,384,346
Total Surplus $24,384,346
Total Liabilities and Surplus $49,605,350

Income Statement year ended December 31, 2016

Premiums Earned $30,580,923
Losses Incurred $5,749,516
Loss Expenses Incurred $2,424,991
Reinsurance Expense $12,188,619
Other Underwriting Expenses $5,385,025
Total Underwriting Deductions $25,748,151
Net Underwriting Gain Or Loss $315,552
Net Investment Income & Realized Capital Gains $891,970
Surplus Notes Interest -$255,699
Other Income $32,445
Net Income Before Taxes $984,268
Federal and Foreign Income Taxes Incurred $264,115
Net Income $720,153

Financials      January to December 2016


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