AM Best Places Credit Ratings of GeoVera Insurance Group Members Under Review With Developing Implications
19 Abril 2024 - 10:51AM
Business Wire
AM Best has placed under review with developing
implications the Financial Strength Rating (FSR) of A (Excellent)
and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a”
(Excellent) of the members of GeoVera Insurance Group (GeoVera)
(headquartered in Fairfield, CA), which operate under an
intercompany reinsurance agreement. (See below for a listing of the
companies.)
The Credit Ratings (ratings) of GeoVera have been placed under
review with developing implications following the April 9, 2024,
announcement that GeoVera Insurance Holdings, Ltd. has entered into
a definitive agreement to sell its managing general agent (MGA)
business to SageSure, a residential property catastrophe MGA, and
to sell its insurance carriers to GeoVera Nova Holdings, Inc.
(GeoVera Nova), a newly formed holding company. As part of the
latter transaction, GeoVera Nova also will acquire SafePort
Insurance Company, a SageSure producer. The transactions are
subject to regulatory approval and other customary closing
conditions and are expected to close in the fourth quarter of
2024.
The ratings will remain under review pending the close of the
transaction and until AM Best can fully review the post-transaction
details.
The FSR of A (Excellent) and the Long-Term ICRs of “a”
(Excellent) have been placed under review with developing
implications for the following members of GeoVera Insurance
Group:
- Coastal Select Insurance Company
- GeoVera Insurance Company
- GeoVera Reinsurance, Ltd.
- GeoVera Specialty Insurance Company
This press release relates to Credit Ratings that have been
published on AM Best’s website. For all rating information relating
to the release and pertinent disclosures, including details of the
office responsible for issuing each of the individual ratings
referenced in this release, please see AM Best’s Recent
Rating Activity web page. For additional information
regarding the use and limitations of Credit Rating opinions, please
view Guide to Best's Credit Ratings. For information
on the proper use of Best’s Credit Ratings, Best’s Performance
Assessments, Best’s Preliminary Credit Assessments and AM Best
press releases, please view Guide to Proper Use of Best’s
Ratings & Assessments.
AM Best is a global credit rating agency, news publisher and
data analytics provider specializing in the insurance industry.
Headquartered in the United States, the company does business in
over 100 countries with regional offices in London, Amsterdam,
Dubai, Hong Kong, Singapore and Mexico City. For more information,
visit www.ambest.com.
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Robert Gabriel Senior Financial Analyst +1 908
882 1789 robert.gabriel@ambest.com
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2336 adrienne.stark@ambest.com
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christopher.sharkey@ambest.com
Al Slavin Senior Public Relations Specialist +1
908 882 2318 al.slavin@ambest.com