AM Best Removes From Under Review With Developing Implications; Upgrades Credit Ratings of SafePort Insurance Company; Affirms Credit Ratings on Remaining Members of GeoVera Nova Insurance Group

AM Best has removed from under review with developing implications and upgraded the Financial Strength Rating (FSR) to A (Excellent) from A- (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) to “a” (Excellent) from “a-” (Excellent) of SafePort Insurance Company (SafePort) (Sarasota, FL). SafePort is a newly added member to GeoVera Nova Insurance Group (GeoVera Nova) (headquartered in Fairfield, CA). AM Best has also removed from under review with developing implications and affirmed the FSR of A (Excellent) and the Long-Term ICRs of “a” (Excellent) on the remaining members of GeoVera Nova, which operates under inter-company pooling and reinsurance agreements. The outlook assigned to these Credit Ratings (ratings) is stable. (See below for a detailed listing of the companies.)

The ratings reflect GeoVera Nova’s balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management.

The ratings were initially placed under review with developing implications in April 2024, following the announcement that GeoVera Insurance Holdings, Ltd. (GeoVera Holdings) had entered into a definitive agreement to sell its managing general agent (MGA) business to SageSure Holdings, LLC. (SageSure), a residential property catastrophe MGA, and its insurance companies to GeoVera Nova Holdings, Inc. (GeoVera Nova Holdings), a newly formed holding company. As part of the latter transaction, GeoVera Nova Holdings also acquired SafePort, a SageSure carrier partner. The transactions concluded in two phases with GeoVera Nova Holdings acquiring SafePort in October 2024 and GeoVera Holdings in January 2025. Subsequently, SafePort was added to the GeoVera Nova inter-company pooling agreement. In AM Best’s view, the addition of SafePort does not result in a material change to any of the current building block assessments or overall ratings of the group.

Going forward, the new carrier group will be managed by former GeoVera Nova executive leadership, led by John Forney, chief executive officer. GeoVera Nova’s management retains full underwriting authority over the pool, as well as, has the ability to remediate forms, rates, assess risk selection and pullback on the pool's exposures when risks do not fall within its risk appetite.

The FSR of A (Excellent) and the Long-Term ICRs of “a” (Excellent) have been removed under review with developing implications, affirmed and assigned stable outlooks for the following members of GeoVera Nova Insurance Group:

• Coastal Select Insurance Company
• GeoVera Insurance Company
• GeoVera Reinsurance, Ltd.
• GeoVera Specialty Insurance Company

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

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