Financial Strength Rating elevated to A- with a stable outlook
JACKSONVILLE, Fla. (May 18, 2016) – Fortegra, a Tiptree Financial Inc. company (NASDAQ:TIPT), today is proud to announce the upgrade of its A.M. Best Financial Strength Rating (FSR) to A- (Excellent). The company’s Issuer Credit Rating (ICR) also received an upgrade from A.M. Best to a- for Fortegra’s rated operating subsidiaries.
“A.M. Best is the world’s foremost authority on insurance ratings, and we are very pleased to be considered in such high standing by this prestigious organization,” said Fortegra CEO Richard Kahlbaugh. “We’ve worked diligently with our financial partners at Tiptree Financial to improve our financial leverage, and our efforts have been rewarded with this upgrade.”
Fortegra’s property and casualty operating subsidiaries include Lyndon Southern Insurance Company (Lyndon Southern), Insurance Company of the South (ICOTS), and Response Indemnity of California (RIC). These subsidiaries operate as part of an intercompany pooling agreement collectively referred to as “Fortegra P&C Group”. The company’s life and health operating subsidiaries include Life of the South Insurance Company, Bankers Life of Louisiana, and Southern Financial Life Insurance Company, collectively known as “Life of the South Group”.
In addition to the upgraded ratings, A.M. Best also assigned an FSR of A- (Excellent) and an ICR of a- to Response Indemnity of California. All ratings outlooks are stable.
“We’re delighted that A.M. Best has upgraded Fortegra’s financial strength rating as well as the issuer credit ratings of our insurance underwriting companies,” said Fortegra Executive Vice President and CFO Michael Grasher. “These upgrades provide Fortegra with opportunities to expand underwriting markets, increase risk selection, and to continue profitable growth.”