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Financial Strength

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.

Visit A.M Best on-line here.

Demotech Rating

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.

Reinsurance Program

SafePoint also understands that one very important aspect of writing property insurance in coastal areas of the US is having a strong catastrophe reinsurance program. SafePoint has finalized our reinsurance program with the following objectives:

  • Safepoint’s ground up limit for a first event in 2019 is $780m with a combination of traditional reinsurance, the Florida Hurricane Catastrophe Fund and Catastrophe Bonds. Safepoint purchases significant coverage above the Florida Hurricane Catastrophe Fund that cascades down in the event multiple events were to occur providing over $1.1 billion of coverage across multiple events.
  • Safepoint entered the catastrophe bond market for the first time in 2015 and has continued to participate with a portion of its reinsurance program. The bonds are fully collateralized and offer multiyear protection. Safepoint’s 2019 reinsurance program has $240 million of limit placed in the form of catastrophe bonds.
  • Safepoint’s reinsurance program and all of the participants are approved by the Insurance Departments of each State we write business in. Each participant in the program is either rated A- or better by AM Best or is fully collateralized.
  • Safepoint retains no more than 8% of statutory capital from a first event and 15% statutory capital from two events in an effort to maintain strong solvency post event.

Audited SafePoint Insurance Company Balance Sheet

Category Year End 2018 Year End 2017 Year End 2016
Assets Cash and Invested Assets $109,510,615 $147,787,538 $106,319,923
Other Assets $46,459,188 $27,599,033 $32,639,929
Total Assets $155,969,803 $175,386,571 $138,959,852
Liabilities Unearned Premiums $30,474,900 $40,522,098 $36,355,390
Loss and LAE Reserves $46,593,865 $41,329,121 $33,486,886
Other Liabilities $33,333,961 $47,419,805 $19,443,997
Total Liabilities $110,402,726 $129,271,024 $89,286,273
Capital and Surplus Total Policyholder Surplus $45,567,077 $46,115,547 $49,673,579
Total Liabilities and Surplus $155,969,803 $175,386,571 $138,959,852

“We just want to commend you on an excellent young man that helped us when we thought we were going to have to file a claim. The problem was resolved without further help, but Tyler was quick to answers all our questions.”

Susan O.
Insured

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