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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.

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.

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

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

“Thanks for the quick response and help…we would like to move the balance of our insurance to SafePoint when it renews (and) will be speaking to our agent about getting coverage”

John
Insured

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