GeoVera Announces That AM Best Has Affirmed its A (Excellent) Ratings and Revised Outlooks from Negative to Stable for Members of the GeoVera Insurance Group

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Jul 20, 2023, 11:35 ET

FAIRFIELD, Calif., July 20, 2023 /PRNewswire/ -- GeoVera Insurance Holdings, Ltd., a leading provider of specialty property insurance, today announced that AM Best revised the outlook from negative to stable and affirmed the Financial Strength Ratings (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of "A" (Excellent) for the members of the GeoVera Insurance Group (GeoVera). This action applies to all of GeoVera's operating entities: Coastal Select Insurance Company, GeoVera Insurance Company, GeoVera Specialty Insurance Company, and Geovera Reinsurance Ltd. A link to the AM Best press release can be found here.

"I am grateful to all of the members of Team GeoVera who have worked so hard over the past three years to create a stronger, more resilient organization," said John Forney, President and CEO of GeoVera. "To be able to thrive in the face of unprecedented CAT activity and concomitant reinsurance price increases demonstrates the strength of our team and our commitment to being the premier underwriter of specialty CAT insurance. We appreciate that AM Best recognized the improvements in our balance sheet, catastrophe reinsurance program and operating performance during the past two years by reaffirming our A (Excellent) ratings and removing the negative outlook that had been in place since April 2021. We believe that this A rating differentiates GeoVera from its competitors and provides us renewed incentive to provide our agents and policyholders with unique, well-underwritten insurance solutions for catastrophe-exposed property risks."

About GeoVera Insurance Holdings, Ltd.

GeoVera Insurance Holdings, Ltd. Is a provider of specialty property insurance products focused on catastrophe-exposed properties in the earthquake wind markets, operating on both an admitted and surplus lines basis. GeoVera is headquartered in Fairfield, CA with offices in Sheboygan, WI, Jacksonville, FL and Tampa, FL. GeoVera and its subsidiaries maintain a Financial Strength Rating of A (Excellent) from AM Best. For more information, visit GeoVera.com.

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SOURCE GeoVera Insurance Holdings