JACKSONVILLE, FL -- (Marketwired) -- 08/26/13 -- Sunshine State Insurance Company is pleased to announce the receipt of a $2 million cash contribution to surplus from its parent company, Sunshine State Insurance Holdings Corporation. The contribution brings Sunshine State's policyholders' surplus to in excess of $17 million, the highest level in the Company history.
Stephen Korducki, President and Chief Executive Officer, commented that the surplus contribution is part of a continuing effort to strengthen the Company's balance sheet. Korducki reported the Company's policyholders' surplus has increased by 60 percent over the past three years through a combination of earnings and capital contributions, while its modeled probable maximum 1-in-100-year hurricane loss has decreased by over 40 percent during the same time span.
Sunshine State Insurance Company is based in Jacksonville and has served Florida policyholders since 1997.
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