SafePoint Insurance Financial Information
SafePoint is proud to be rated favorably by leading independent rating organizations. These companies specialize in reviewing, analyzing and attesting to insurance companies' financial security and their ability to deliver on promises made to policyholders.
A.M. Best Rating
A.M. Best has 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 support this rating.
A.M. Best Company is the world’s oldest and most authoritative insurance rating information source.
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 finalized our reinsurance program with the following objectives:
- Safepoint entered the catastrophe bond market for the first time in 2015 to sponsor Manatee Re Ltd. (Series 2015-1), a $100m Florida named storm cat bond. Manatee Re 2016expanded to $95m Class A and Class B.
- All of our Reinsurance carriers are approved by the FL and LA Departments of Insurance Regulation
- All of our Reinsurance Companies are A.M. Best Rated A or Better
- Safepoint purchases Reinsurance in excess of a conservatively modeled 100 year return on a first event basis. In fact, Safepoint buys $250 million of limit above the 1 in 100 year of $300M
- Safepoint retains no more than 10% of capital from a first event basis and 15% capital across two events;
- Safepoint purchased additional protection beyond Florida Hurricane Catastrophe Fund to allow for significant second event losses
Unaudited SafePoint Insurance Company Balance Sheet
|Category||9/30/16||Year End 2015|
|Assets||Cash and Invested Assets||$109,507,208||$97,731,243|
|Loss and LAE Reserves||$30,054,664||$24,595,679|
|Capital and Surplus||Capital Stock||$3,300,000||$2,550,000|
|Paid In & Contributed Surplus||$35,700,000||$26,450,000|
|Surplus as Regards Policyholders||$46,506,707||$41,744,588|
|Total Liabilities and Surplus||$126,673,856||$110,567,460|