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:
- All of our reinsurance carriers are approved by the Florida Department of Insurance Regulation
- All of our Reinsurance Companies are A.M. Best Rated A or Better
- Safepoint has purchased reinsurance in excess of conservatively modeled 100 year return on a first event basis
- Safepoint retains 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
- Safepoint has purchased 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|