AM Best Removes From Under Review With Positive Implications and Upgrades Credit Ratings of The Fortegra Group, Inc.’s Insurance Subsidiaries

OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has removed from under review with positive implications and upgraded the Financial Strength Rating (FSR) to A (Excellent) from A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICRs) to “a” (Excellent) from “a-” (Excellent) of the operating subsidiaries of The Fortegra Group, Inc. (Fortegra) (headquartered in Jacksonville, FL). Fortegra is a wholly owned subsidiary of DB Insurance Co., Ltd. (DBI). The property/casualty (P/C) operating subsidiaries of Fortegra include Lyndon Southern Insurance Company (Wilmington, DE); Insurance Company of the South (Athens, GA); Response Indemnity Company of California (Redondo Beach, CA); Blue Ridge Indemnity Company (Wilmington, DE); Fortegra Specialty Insurance Company (Scottsdale, AZ); and Fortegra Europe Insurance Company SE (Malta). These companies are collectively referred to as Fortegra P&C Group.

In addition, AM Best has removed from under review with positive implications and upgraded the FSR to A (Excellent) from A- (Excellent) and the Long-Term ICRs to “a” (Excellent) from “a-” (Excellent) of Fortegra Belgium Insurance Company NV (FBIC) (Belgium), Fortegra Insurance UK Ltd. (FIUK) (United Kingdom), and Fortegra Indemnity Insurance Company, LTD. (Fortegra Indemnity) (Turks and Caicos), respectively.

Furthermore, AM Best has removed from under review with positive implications and upgraded the FSR to A (Excellent) from A- (Excellent) and the Long-Term ICRs to “a” (Excellent) from “a-” (Excellent) of Fortegra’s life/health operating subsidiaries, which include Life of the South Insurance Company (Athens, GA); Bankers Life Insurance Company of Louisiana (Marksville, LA); and Southern Financial Life Insurance Company (Scottsville, KY). These companies are collectively referred to as Life of the South Group. The outlook assigned to the aforementioned Credit Ratings (ratings) is stable.

The rating actions follow the completion of DBI’s acquisition of Fortegra on May 29, 2026, and AM Best’s evaluation of parental support and integration plans. The upgrades reflect rating enhancement based on Fortegra’s strategic importance to DBI and the anticipated financial and operational benefits of ownership by a larger, higher-rated insurance organization. DBI is one of South Korea’s leading non-life insurers and has an FSR of A+ (Superior) and a Long-Term ICR of “aa-” (Superior), with stable outlooks. Fortegra is expected to provide DBI with geographic and product diversification, advance its international growth strategy, and strengthen its long-term positioning across international insurance markets. AM Best expects Fortegra to benefit from DBI’s financial flexibility and operating scale, if needed.

The ratings of Fortegra P&C Group reflect the group’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management (ERM). Fortegra P&C Group’s balance sheet strength is supported by its risk-adjusted capitalization at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR), a conservative investment portfolio, solid liquidity, and a robust reinsurance program. These favorable factors are offset partially by the group’s dependence on third-party reinsurance for capacity and loss reserve volatility. The group’s adequate operating performance reflects a track record of profitable underwriting and positive operating earnings, complemented by investment income. The group’s neutral business profile reflects solid geographic and product diversification. ERM is considered appropriate for the group’s risk profile and is supported by a formalized process for risk identification, monitoring, and mitigation.

The ratings of Life of the South Group reflect the group’s balance sheet strength, which AM Best assesses as strong, as well as its adequate operating performance, neutral business profile and appropriate ERM. The ratings also recognize the life group’s strategic role within the consolidated organization as the provider of credit life and accident and health products. Life of the South Group’s balance sheet strength is supported by its risk-adjusted capitalization at the strongest level, as measured by BCAR, steady profitability, and growth in absolute capital. The group maintains a conservative bond portfolio and highly liquid investment profile. These factors are offset partially by elevated reinsurance leverage and increased investment risk exposure in recent years. Operating performance continues to benefit from profitable results in the group’s core credit life and accident and health businesses.

The ratings of Fortegra Indemnity reflect the company’s balance sheet strength, which AM Best assesses as adequate, as well as its adequate operating performance, limited business profile and appropriate ERM. The ratings also recognize Fortegra Indemnity’s strategic role within the consolidated organization as a captive reinsurer that facilitates intragroup reinsurance and supports the group’s risk management and capital flexibility.

The ratings of FBIC reflect the company’s balance sheet strength, which AM Best assesses as strong, as well as its adequate operating performance, limited business profile and appropriate ERM. The ratings of FIUK reflect the company’s balance sheet strength, which AM Best assesses as strong, as well as its adequate operating performance, limited business profile and appropriate ERM. FBIC’s and FIUK’s ratings also reflect their strategic importance as platforms for growth and expansion in Europe focusing on specialty P/C business.

AM Best remains the leading rating agency of alternative risk transfer entities, with more than 200 such vehicles rated in the United States and throughout the world. For current Best’s Credit Ratings and independent data on the captive and alternative risk transfer insurance market, please visit www.ambest.com/captive.

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.

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