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.
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…
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