Press Release|Insurance

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”).

To access rating and relevant documents, click here.

Click here to view the report.



Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at

About KBRA

Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider.

Doc ID: 1002796

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