AM Best places credit ratings of GeoVera Insurance Group members under review

Global credit rating agency AM Best has placed under review with developing implications the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a” (Excellent) of the members of GeoVera Insurance Group (GeoVera), which operate under an intercompany reinsurance agreement.

Best has confirmed that the ratings of GeoVera have been placed under review with developing implications following the recent announcement that GeoVera Insurance Holdings, Ltd. has entered into a definitive agreement to sell its managing general agent (MGA) business to SageSure.

The move is expected to strengthen SageSure’s capabilities in underwriting catastrophe risk and accelerate its expansion into new markets.

At the same time, GeoVera Insurance Holdings has also agreed to sell its insurance carriers to GeoVera Nova Holdings, Inc. (GeoVera Nova), a newly formed holding company.

As part of the latter transaction, GeoVera Nova also will acquire SafePort Insurance Company, a SageSure producer.

The transactions are subject to regulatory approval and other customary closing conditions and are expected to close in the fourth quarter of 2024.

Best has confirmed that the ratings will remain under review pending the close of the transaction and until the agency can fully review the post-transaction details.

The FSR of A (Excellent) and the Long-Term ICRs of “a” (Excellent) have been placed under review with developing implications for the following members of GeoVera Insurance Group:

• Coastal Select Insurance Company
• GeoVera Insurance Company
• GeoVera Reinsurance, Ltd.
• GeoVera Specialty Insurance Company

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