KBRA Assigns BBB+ IFSR to Olympus Insurance Company
NEW YORK--(BUSINESS WIRE)--Dec 21, 2022--
KBRA assigns a BBB+ insurance financial strength rating (IFSR) to Olympus Insurance Company. The Outlook is Stable.
Olympus Insurance Company (OIC) is a property/casualty insurer domiciled in Florida specializing in homeowners’ insurance solely in the state of Florida. The company focuses on homeowners with higher financial responsibility scores and new homes with newer roofs for its HO-3 policies. Olympus also writes fire and allied lines as well as a small portion of inland marine policies. Olympus Insurance Company’s IFSR reflects the company’s sound profitability and risk adjusted capitalization, strong financial flexibility provided by its parent company, Gemini Financial Holding Corporation (GHFC), conservative investment portfolio, experienced management team with targeted underwriting strategy, and well-established distribution system through independent agents.
OIC has a sound reinsurance structure. However, KBRA notes that the reinsurance market may be challenging going forward and it may be difficult to obtain the coverage and terms that fully meet OIC’s preferences for risk transfer.
Partially offsetting these positive credit factors is OIC’s exposure to event risk, geographic and earnings concentration, significant dependence on reinsurance, and elevated underwriting leverage.
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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 www.kbra.com.
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 pursuant to the Temporary Registration Regime. 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.
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CONTACT: Analytical ContactsFred Deleon, Senior Director (Lead Analyst)
+1 (646) 731-2352
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email@example.comPeter Giacone, Senior Managing Director (Rating Committee Chair)
+1 (646) 731-2407
firstname.lastname@example.orgBusiness Development ContactTina Bukow, Managing Director
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KEYWORD: NEW YORK UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: PROFESSIONAL SERVICES INSURANCE FINANCE
SOURCE: Kroll Bond Rating Agency, LLC
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PUB: 12/21/2022 03:06 PM/DISC: 12/21/2022 03:06 PM