AM Best 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 Å˽ðÁ«´«Ã½Ó³» Group in Fairfield, California.
Coastal Select Å˽ðÁ«´«Ã½Ó³» Company, GeoVera Å˽ðÁ«´«Ã½Ó³» Co., GeoVera Reinsurance Ltd. and GeoVera Specialty Å˽ðÁ«´«Ã½Ó³» Co. operate under an intercompany reinsurance agreement.
The ratings and review change follows the April 9 announcement that GeoVera Å˽ðÁ«´«Ã½Ó³» Holdings Ltd. entered into a definitive agreement to sell its managing general agent (MGA) business to SageSure, a residential property catastrophe managing general agency, and 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 Å˽ðÁ«´«Ã½Ó³» Co., a SageSure producer.
The ratings will remain under review pending the close of the transaction and until AM Best can fully review the post-transaction details.
Topics AM Best
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