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AM Best has placed under review with "developing implications" the ratings of an insurance company headquartered in Sarasota on the heels of an announcement it will be combined with another company and become a subsidiary of a newly formed entity.
SafePort Insurance provides property insurance for those in Alabama, California, Florida, Louisiana, Mississippi, North Carolina, South Carolina and Texas as well as commercial insurance in Louisiana, North Carolina, South Carolina and Virginia. It is based off University Parkway at Business Boulevard.
Currently, SafePort Insurance has a financial strength rating of A- (excellent) and long-term issuer credit rating of A- (excellent), both of which have been placed under review with developing implications, according to a statement issued Friday by AM Best. Under review with developing implications means more information is needed for AM Best to determine whether the situation that triggered the review will have a positive or negative effect on the ratings.
The review comes after California-based GeoVera Insurance Holdings Ltd., which specializes in insurance for catastrophe-exposed areas, announced April 9 that it will combine with SafePort, and the newly formed GeoVera Novo Holdings will control four subsidiaries: Coastal Select Insurance Company, GeoVera Insurance Company, GeoVera Specialty Insurance Company and SafePort Insurance Company. Officials expect the transaction to close in the fourth quarter of 2024.
Pending the close of the transaction and until AM Best can fully review the post-transaction details, SafePort Insurance’s ratings remain under review, according to a statement from AM Best.
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