SafePoint Insurance Financial Information
A.M. Best Rating
We are proud to announce that in June, 2014, A.M. Best assigned a financial strength rating of B (Fair) to SafePoint. Our adequate levels of capitalization, strict risk selection criteria, sophisticated pricing and comprehensive reinsurance program were cited in the A.M. Press Release.
A.M. Best Company is the world's oldest and most authoritative insurance rating and information source. Click here to read the full press release.
Demotech has assigned the rating of A Exceptional to SafePoint
This financial stability rating is an indication of an insurance company’s financial strength.
According to Demotech, an A rating means Safepoint has an Exceptional ability to maintain liquidity of invested assets, quality reinsurance, acceptable financial leverage and realistic pricing while simultaneously establishing loss and loss adjustment expense reserves at reasonable levels.
For details, visit Demotech on-line here.
SafePoint also understands that one very important aspect of writing property insurance in Florida is having a strong catastrophe reinsurance program. SafePoint has finalize our 2014 reinsurance program with the following objectives:
- All of our reinsurance carriers will be approved by the FL Department of Insurance Regulation
- All of our Reinsurance Companies will be A.M. Best Rated A or Better
- Safepoint will purchase reinsurance in excess of conservatively modeled 100 year return on a first event basis
- Safepoint will retain no more than 10% of capital from a first event basis and 15% capitol across two events; this translates to a $2.5 million and $1 million first and second event retentions in 2014
- Safepoint will purchase additional protection beyond the Florida Hurricane Catastrophe Fund to allow for significant second event losses
Unaudited SafePoint Insurance Company Balance Sheet
|Category||Year End 2014||Year End 2013|
|Assets||Money Market Acounts||$91,796,951||$25,014,278|
|Capital and Surplus||Capital Stock||$2,550,000||$2,550,000|
|Additional Paid Capital||$22,450,000||$22,450,000|
|Retained Earnings (Deficit)||$4,892,990||($722)|
|Total Policyholder Surplus||$29,892,990||$24,999,278|
|Total Liabilities and Surplus||$99,930,400||$25,014,278|