AM Best Places Credit Ratings of SafePort Insurance Company Under Review With Developing Implications

OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has placed under review with developing implications the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of SafePort Insurance Company (SafePort) (Sarasota, FL).

The Credit Ratings (ratings) of SafePort have been place under review with developing implications following the April 9, 2024, announcement that GeoVera Insurance Holdings, Ltd. will combine its insurance operations with SafePort. Upon completion of the transaction, newly formed GeoVera Novo Holdings, Inc. will control four insurance subsidiaries: GeoVera Insurance Company, GeoVera Specialty Insurance Company, Coastal Select Insurance Company, and SafePort Insurance Company. The transaction is 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.

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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