GeoVera's "A" Excellent Rating
We proudly announce that GeoVera’s “A” (Excellent) rating by A.M. Best was affirmed in July 2023. GeoVera continues to thrive and surpass its competition within a marketplace facing challenges from many sources.
What is A.M. Best?
AM Best is a global credit rating agency that assesses insurance companies and related entities’ financial strength and creditworthiness. Its ratings provide valuable insights into the stability and reliability of insurers, helping policyholders, investors, and regulators make informed decisions.
A higher rating from AM Best signifies a stronger financial position and a more remarkable ability to meet policyholder obligations, making it a preferred choice for consumers seeking reliable coverage. The importance of AM Best lies in its ability to help individuals and businesses understand the risks associated with an insurance provider.
President and CEO John Forney on GeoVera's A.M. Best Rating
“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.
“The A rating differentiates GeoVera from its competitors. It gives us a renewed incentive to provide our agents and policyholders with unique, well-underwritten insurance solutions for catastrophe-exposed property risks.”
What is an "A" (Excellent) Rating?
AM Best’s “A” (Excellent) rating is superior to other lower ratings. It indicates that the insurer has a stable financial outlook and a solid record of fulfilling its obligations. Choosing an insurer with an “A” rating gives policyholders greater confidence in the company’s ability to pay claims and maintain financial stability, offering peace of mind during unforeseen events.
Overall, AM Best’s assessments are crucial for evaluating insurance companies, enabling customers to make well-informed decisions, and mitigating potential risks in their insurance choices.
GeoVera Insurance Holdings, Ltd., a leading provider of specialty property insurance, 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.
