KBRA Affirms Ratings for Safepoint Insurance Company, Manatee Insurance Exchange, and Cajun Underwriters Reciprocal Exchange
2 Jul 2026 | 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 a solid, well-structured catastrophe reinsurance program, improved risk-based capitalization levels, experienced management team and well-defined strategy, high credit quality investment portfolios and conservative reserving practices. Balancing these strengths are exposure to event risk, heavy reliance on reinsurance, 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 is licensed to write insurance in Florida, Louisiana, Texas, New Jersey, Mississippi and Alabama. SPI primarily writes homeowners multi-peril business and allied lines in coastal regions in Louisiana, and Texas. The company also writes small amounts of fire and other liability (occurrence) business. SPI is authorized in 41 additional states along with U.S. Virgin Islands to operate as a carrier for excess and surplus lines.
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 property and casualty insurance company formed in the State of Louisiana in June 2022. On July 30, 2025, Cajun received regulatory approval to re-domesticate from Louisiana to Alabama. Cajun writes admitted lines of business, primarily homeowners’ multi-peril and allied lines as well as a small amount of commercial business in Alabama and Louisiana, primarily in the Southeast region.
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