Safepoint Group’s newest reciprocal exchange, Manatee Insurance Exchange (Manatee), has been assigned a Financial Stability Rating of ‘A’, Exceptional, by Demotech, Inc.
Manatee was formed to focus on providing insurance solutions to Florida homeowners and business owners.
Joseph L. Petrelli, President and Co-founder, Demotech, Inc., commented: “Insurers without sufficient representative operating history, including startups such as Manatee, require a tactile review of pro forma financials, a review of the insurer’s business model, business plan, critical assumptions as well as a qualitative analysis of the experience and qualifications of management, key vendors and service providers.
“The quality and quantity of reinsurance are also critical considerations. Although Manatee is a start-up, its senior management team are experienced, battle-tested veterans of the residential property insurance marketplace.”
According to the announcement, Safepoint Insurance Company, an established carrier within the Safepoint Group, will transfer all existing Florida business to Manatee as Manatee also offers voluntary new business, and participates in the depopulation of Citizens Property Insurance Corporation.
Safepoint’s newest reciprocal exchange, aims to provide a product for its subscribers that offers hurricane protection, complemented alongside robust customer service for the full policy life cycle from issuance to claims handling.
Manatee is just the latest reciprocal/exchange insurer to enter the Florida market, following recent announcements from Condo Owners Reciprocal Exchange (CORE), which was launched by HCI Group. As well as Orange Insurance Exchange, which was launched in November 2023.
