AM Best upgrades SafePort Insurance to A following the close of GeoVera deal

By Mia MacGregor

Feb 20 - (The Insurer) - AM Best has upgraded SafePort Insurance Company’s financial strength rating to A from A-minus and its long-term issuer credit rating to “a” from “a-minus” following the completion of its acquisition by GeoVera Nova Holdings.

The ratings have also been removed from under review with developing implications.

Additionally, AM Best has affirmed the FSR of A and long-term ICRs of “a” for the remaining members of GeoVera Nova with a stable outlook.

The group operates under inter-company pooling and reinsurance agreements.

In April 2024, The Insurer was first to report that fast-growing catastrophe specialist SageSure had agreed to buy the MGA business of GeoVera Insurance Holdings as part of a bifurcation transaction that also saw carrier partner SafePort Insurance Company merge into GeoVera’s carrier operations.

The ratings were placed under review with developing implications following the announcement of the transaction.

In January 2025, SageSure announced that it had closed the acquisition of GeoVera Advantage Insurance Services.

AM Best stated that this addition does not materially impact the group’s balance sheet strength, operating performance, business profile, or risk management – factors it assesses as very strong, strong, neutral and appropriate, respectively.

The new carrier group will continue to be led by GeoVera Nova’s executive team, with CEO John Forney at the helm.

AM Best noted that GeoVera Nova’s management retains full underwriting authority, including control over risk selection, rate adjustments and exposure management.