KBRA Affirms Rating for Olympus Insurance Company
11 Dec 2023 | New York
KBRA affirms the BBB+ Insurance Financial Strength Rating (IFSR) for Olympus Insurance Company. The Outlook is Stable.
The rating reflects Olympus Insurance Company’s (“OIC” or “Olympus”) sound profitability and risk adjusted capitalization, financial flexibility provided by its managing general agent and holding company structure, conservative investment portfolio, experienced management team with a targeted underwriting strategy, and well-established distribution system through independent agents. OIC has a sound reinsurance structure and despite continued challenging market conditions, price increases have been manageable.
Balancing these credit strengths are OIC’s exposure to event risk, geographic and earnings concentration, significant dependence on reinsurance, and elevated underwriting leverage.
Olympus, headquartered and domiciled in Florida, is a catastrophe exposed carrier primarily writing homeowners’ and related coverages exclusively within the state. The company’s strategy is to underwrite, market, and design its insurance products and rates to attract newer construction, higher‐value homes, and financially responsible customers. Olympus is one of several wholly owned subsidiaries of Gemini Financial Holdings Corporation (“GFHC”).
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