AM Best Assigns Credit Ratings to Fortegra Specialty Insurance Company
AM Best has assigned a financial strength rating of A- (Excellent) and a long-term issuer credit rating of a- to Fortegra Specialty Insurance Company, owned by Tiptree. The stable outlook reflects Fortegra’s strong balance sheet and adequate operating performance. Initially capitalized with $55 million, Fortegra Specialty aims to offer surplus lines products. AM Best expects high growth in early years driven by existing agency relations, while monitoring execution of the business strategy and capitalization levels.
- Assigned A- (Excellent) financial strength rating.
- Long-term issuer credit rating of a-.
- Initial capitalization of $55 million from parent company.
- Expected high growth trends in early years.
- None.
OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of “a-” to Fortegra Specialty Insurance Company (Fortegra Specialty) (Scottsdale, Arizona). Fortegra Specialty is ultimately owned by Tiptree Inc. [(NASDAQ:TIPT], the parent company of Fortegra Financial Corporation. The outlook assigned to these Credit Ratings (ratings) is stable.
The ratings reflect Fortegra Specialty’s balance sheet strength, which AM Best categorizes as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management. Fortegra Specialty is being added as a member of the Fortegra P&C Group due its strategic role in the consolidated organization, shared operations and management, and a pooling agreement with its affiliated companies.
Fortegra Specialty is a newly established, Arizona-domiciled insurance company that will offer surplus lines products not offered through its affiliated companies. The company was capitalized initially with a
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