KBRA Affirms IFSRs for Safepoint Insurance Company, Manatee Insurance Exchange, and Cajun Underwriters Reciprocal Exchange
2 Jul 2025 | New York
KBRA affirms the BBB+ Insurance Financial Strength Rating (IFSR) for Safepoint Insurance Company (SPI) and the BBB IFSRs for Manatee Insurance Exchange (Manatee) and Cajun Underwriters Reciprocal Exchange (Cajun). The Outlook for all ratings is Stable.
The ratings reflect the strong risk-based capitalization levels at SPI and Manatee and adequate risk-based capitalization at Cajun, the solid, well-structured catastrophe reinsurance program, experienced management team, high credit quality investment portfolios and conservative reserving practices. Balancing these strengths are exposure to event risk, heavy reliance on reinsurance and geographic and product concentration and the high and moderate financial leverage at Cajun and Manatee respectively.
Factors that could positively impact the ratings include a material favorable variance to the business provided to KBRA including faster reduction of financial leverage at Manatee and Cajun, consistent net underwriting gains contributing to organic surplus growth, profitable expansion to other states outside of Florida and Louisiana to better diversify earnings, and a favorable change in risk profile. Factors that could negatively impact the rating include a material negative variance to the business plan provided to KBRA, material deterioration in risk-adjusted capitalization and underwriting leverage, significant weather events that materially impact earnings and capital, inability to obtain reinsurance on acceptable terms and pricing, causing an increase in loss exposure, a reduction in the ability to underwrite policies, or a drag on earnings, unfavorable change in risk profile, or the departure of key members of the management team without suitable replacement.
SPI is a Florida domiciled property and casualty insurance company headquartered in Temple Terrace, FL which commenced writing policies in 2013. SPI primarily writes homeowners multi-peril business and allied lines in coastal regions in Florida, Louisiana, and Texas. The company also writes small amounts of fire and commercial multi-peril business.
Manatee is a reciprocal property and casualty insurance company headquartered in Temple Terrace, FL which was formed in 2024. Manatee writes admitted lines of business, primarily homeowners’ multi-peril and allied lines as well as a small amount of commercial business in the State of Florida.
Cajun is a Louisiana domiciled property and casualty insurance company headquartered in Metairie, LA which commenced business in 2022. Cajun writes admitted lines of business, primarily homeowners’ multi-peril and allied lines as well as a small amount of commercial business solely in Louisiana, primarily in the Southeast region of the state.
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