Press Release|Insurance
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KBRA Affirms Rating for Olympus Insurance Company

21 Apr 2026   |   New York

Contacts

KBRA affirms the BBB+ insurance financial strength rating (IFSR) for Olympus Insurance Company (“Olympus”). Concurrently, the rating was removed from Watch Developing, where it was initially placed on September 11, 2025, due to the pending acquisition by SageSure Insurance Managers LLC. The Outlook for the rating is Stable.

The removal of the Watch Developing status and affirmation of the rating reflects Olympus's materially improved profitability, surplus growth, and risk-adjusted capitalization in 2025, together with a conservative investment and liquidity profile and a reinsurance program that remains an important mitigant to the company’s concentrated Florida catastrophe exposure. The rating is also supported by stronger underlying underwriting performance, which KBRA believes reflects margin improvement, favorable non-catastrophe claims experience, and comparatively low claims frequency within its targeted book rather than premium growth alone.

Balancing these strengths are Olympus’s continued concentration in Florida residential property, significant exposure to hurricane and other severe weather events, and ongoing reliance on third-party reinsurance. The rating is further constrained by the company’s narrow earnings base, limited product and geographic diversification, and continued exposure to reinsurance availability, counterparty performance, and renewal economics.

To access ratings and relevant documents, click here.

Click here to view the report.

Methodologies

Disclosures

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 www.kbra.com.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA 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 (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan’s Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S.

Doc ID: 1014468