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KBRA Assigns Rating to Manatee Insurance Exchange

KBRA assigns a BBB Insurance Financial Strength Rating (IFSR) to Manatee Insurance Exchange. The Outlook for the rating is Stable.

Manatee Insurance Exchange (“Manatee” or “the Company”) is a new reciprocal property and casualty insurance company headquartered in Temple Terrace, FL which will write primarily homeowners multi-peril business solely in Florida. Manatee was formed by the management team of Safepoint Insurance Company (Safepoint) (BBB+/Stable) with the expectation that Safepoint’s Florida business will renew with Manatee. Additionally, Manatee will offer voluntary personal and commercial lines policies with similar underwriting strategies as Safepoint.

The rating reflects Manatee’s low underwriting leverage and significant surplus relative to projected premiums written, as well as a favorable market opportunity due to the company entering a sector with declining private market capacity. Manatee will have manageable start-up expenses due to an organizational structure whereby the Attorney-in-Fact will incur the majority of start-up costs. Additionally, as a start-up insurer, Manatee has no legacy liabilities. KBRA views the company’s business plan as reasonable, with a management team that has considerable experience in the Florida homeowners’ insurance market. Balancing these strengths is the company’s high financial leverage due to its entire surplus base consisting of $25 million in surplus notes. Furthermore, as a Florida-only writer, primarily focused on homeowners business, the company will have product and geographic concentration, natural catastrophe exposure due to hurricanes, and high reinsurance dependence that, depending on availability and affordability, could materially impact results. Lastly, as a new insurer, Manatee's future profitability is uncertain and dependent upon management executing its business plan.

To access rating and relevant documents, click here.

Click here to view the report.



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

About KBRA

Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency 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 by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider.

Doc ID: 1003023


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