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TABLE OF CONTENTS

05/16/2016 Announcement:
GeoVera Specialty Insurance Company announces enhanced payment options.
05/13/2016 Announcement:
GeoVera Specialty Insurance Company introduces the HO3 Tenant Occupied product to Texas.
05/02/2012 Press Release:
Flexpoint Ford Announces Agreement to Acquire GeoVera Insurance Group Holdings, Ltd.
06/15/2011 Press Release:
A.M. Best Company has upgraded the financial strength rating to A (Excellent) from A- (Excellent) for GeoVera Insurance Group and its members.
06/28/2010 Announcement:
A.M. Best Company re-affirms positive outlook and A- "Excellent" rating for GeoVera Specialty Insurance Company
01/15/2010 Announcement:
GeoVera Specialty Insurance Company introduces new Surplus Lines Residential Wind Only product

NEWS

05/16/2016 Announcement:

We are excited to announce enhanced payment options for GeoVera Specialty policyholders! These payment options now include recurring automatic premium payments. Enabling the auto-pay feature for your policyholders’ accounts mitigates the worries of missed or late payments. Even better—our auto-pay feature doesn’t come with installment fees. Automatic bill pay is available for all GeoVera Specialty products, and can be enabled with either an ACH/Debit checking account or a credit card. With the addition of this auto-pay feature, GeoVera Specialty now has a complete suite of flexible payment options for your agency and your customers. Your customers can choose from the following options:

  • Direct Bill - (bill to a policyholder or mortgage company)
  • Payment Submission (via online, telephone, or USPS mail)
  • Payment Source by ACH/Debit checking account, MasterCard or Visa, or check
  • Auto-Pay for either an ACH/Debit checking account or a MasterCard or Visa credit card.

We value the input we receive as we strive to provide A.M. Best "A" (Excellent) rated quality service for your policyholders.

Not yet appointed with GeoVera Specialty? Use our Wholesale Broker Locator to learn how to get started.


05/13/2016 Announcement:

GeoVera Specialty Insurance Company is pleased to announce a new product for Texas agents! We will now offer an HO3 Tenant Occupied property policy for your landlord customers in Texas. The HO3 Tenant Occupied policy offered by GeoVera Specialty Insurance Company provides coverages typically found in an HO3 product, but it is specifically designed for tenant occupied properties. This landlord policy (HO3 Tenant Occupied) comes with the certainty of far superior coverage compared to what can be afforded by traditional landlord insurance alternatives, such as dwelling fire policies. This product is truly unique in the marketplace, and will give your agency even more flexibility with current and prospective customers.

With the addition of this product, GeoVera Specialty now offers three different products in Texas: HO3, HO Wind Only, and HO3 Tenant Occupied.

For more information about this new product, visit the Our Products page!


05/02/2012 Press Release:

Flexpoint Ford Announces Agreement to Acquire GeoVera Insurance Group Holdings, Ltd. CHICAGO, IL, May 2, 2012 - Flexpoint Ford, LLC, a private equity firm focused on the financial services and healthcare sectors, announced today that affiliates of Flexpoint Ford have signed a definitive agreement to acquire GeoVera Insurance Group Holdings, Ltd. (“GeoVera”) from affiliates of Hellman & Friedman LLC and Friedman Fleischer & Lowe, LLC. The transaction is subject to customary closing conditions and regulatory approvals and is expected to close this summer.

GeoVera is a leading provider of specialty residential property insurance. Since its formation in 1995, the company has been underwriting innovative insurance products with a focus on markets that are underserved by other insurance carriers. GeoVera’s primary products include residential earthquake insurance in the Western United States and specialty homeowners insurance in windexposed areas across the Southeast United States and Hawaii.

“We are excited to partner with Flexpoint Ford. The firm’s deep knowledge and expertise in the property and casualty insurance industry will enable GeoVera to continue to provide protection to homeowners in dislocated and underserved markets,” said Kevin Nish, President and CEO of GeoVera.

Chris Ackerman, Principal of Flexpoint Ford, commented, “GeoVera’s ability to identify unique market opportunities and apply a highly disciplined approach to underwriting and risk management makes the company a compelling investment opportunity. The company’s strong management team has a proven track record of leveraging their best-in-class underwriting expertise in specialty residential insurance markets to generate attractive risk-adjusted returns.” Following the close of the transaction, GeoVera will continue to operate as an independent company and maintain its emphasis on providing stable markets to the company’s policy holders and distribution partners.

Kirkland & Ellis LLP acted as legal counsel to Flexpoint Ford in connection with the transaction. Aon Benfield Securities, Inc. and SFRi LLC acted as financial advisors and Simpson Thacher & Bartlett LLP acted as legal counsel to GeoVera in connection with the transaction. About GeoVera Insurance Group Holdings, Ltd.

GeoVera is a provider of specialty residential property insurance in markets that are underserved by other insurance carriers due to their exposure to certain perils, such as hurricanes or earthquakes.

GeoVera offers specialty homeowners products primarily on a non-admitted, or excess and surplus line, basis in wind-exposed areas in the Southeast United States and Hawaii, and residential earthquake products primarily on an admitted basis in the Western United States. GeoVera distributes specialty homeowners’ products through a network of approximately 33 wholesale surplus lines brokers and residential earthquake products through approximately 2,800 independent brokers and agents. GeoVera and its subsidiaries maintain a Financial Strength Rating of “A” (Excellent) from A.M. Best. For more information about GeoVera, please visit www.geoveraholdingsinc.com

About Flexpoint Ford, LLC Flexpoint Ford, LLC is a private equity firm dedicated to the financial services and healthcare sectors. Flexpoint Ford seeks to build relationships with executives and companies who look for Flexpoint Ford to be a value-added partner. Flexpoint Ford currently manages approximately $1 billion in committed capital on behalf of its limited partners. For more information about Flexpoint Ford, please visit www.flexpointford.com

About Friedman Fleischer & Lowe, LLC Friedman Fleischer & Lowe, LLC is a San Francisco-based private equity firm with approximately $2.5 billion under management that is focused on investing in U.S. middle-market companies. Formed in 1997, FFL’s strategy is to invest in market-leading companies that generate high returns on invested capital and that have strong, defensible competitive positions, attractive growth prospects and outstanding management. Representative investments include: Tempur- Pedic International, Milestone AV Technologies, Korn/Ferry International, and Discovery Foods. For more information on FFL, visit www.fflpartners.com.

About Hellman & Friedman LLC Hellman & Friedman LLC is a leading private equity investment firm with offices in San Francisco, New York and London. Since its founding in 1984, H&F has raised and, through its affiliated funds, managed over $25 billion of committed capital. The Firm focuses on investing in superior business franchises and serving as a value-added partner to management in select industries including internet & digital media, software, business & marketing services, financial services, insurance, media, healthcare and energy & industrials. For more information on H&F, visit www.hf.com.


06/15/2011 Press Release:

OLDWICK, N.J., JUNE 15, 2011
A.M. Best Co. has upgraded the financial strength rating (FSR) to A (Excellent) from A- (Excellent) and issuer credit ratings (ICR) to "a" from "a-" of GeoVera Insurance Group (GeoVera) (Fairfield, CA) and its members. The outlook for all ratings has been revised to stable from positive. (See below for a complete listing of the companies.)

The rating upgrades reflect GeoVera's excellent risk-adjusted capitalization, strong operating earnings and management's experience in its market segments. GeoVera's profitable underwriting performance, combined with solid investment income, has resulted in favorable operating earnings in each of the past five years. In addition, GeoVera maintains a moderate net underwriting leverage position due to prudent risk management efforts, which have further strengthened its risk-adjusted capital. GeoVera's underwriting focus continues to capitalize on its experienced market knowledge in catastrophe-prone business segments.

Although GeoVera concentrates all of its underwriting efforts on providing coverage in catastrophe-prone areas, it combines an established catastrophe-modeled and web-based quoting and binding system to ensure proper pricing with an extensive catastrophe reinsurance program to mitigate its exposure. However, GeoVera maintains high gross catastrophe leverage and is significantly dependent on reinsurance to reduce this exposure to a manageable level on a net basis.

The FSR has been upgraded to A (Excellent) from A- (Excellent) and the ICR to "a" from "a-" for GeoVera Insurance Group and its following members:

  • GeoVera Insurance Company
  • Pacific Select Property Insurance Company
  • GeoVera Specialty Insurance Company
  • GeoVera Security Insurance Company
  • GeoVera Re Ltd.

View Entire Press Release


06/28/2010 Announcement:

A.M. Best Company re-affirms positive outlook and A- "Excellent" rating for GeoVera Specialty Insurance Company.

A.M. Best Co. has re-affirmed the positive outlook and the financial strength rating (FSR) of A- (Excellent) and issuer credit ratings (ICR) of "a-" of GeoVera Insurance Group (GeoVera) (Fairfield, CA) and its property/casualty members. (See below for a detailed list of companies and ratings.)
The ratings and outlook reflect GeoVera's excellent capitalization, moderate underwriting leverage and management's experience in its market segment. Profitable underwriting performance, combined with solid investment income and underwriting fee income, have resulted in strong five-year operating earnings. In addition, GeoVera maintains a moderate underwriting leverage position due to prudent risk management efforts, which have further strengthened risk-adjusted capital. The positive outlook also reflects A.M. Best's expectation that the group will continue to produce profitable underwriting results, while maintaining excellent risk-adjusted capitalization.

Partially offsetting these positive characteristics is GeoVera's geographic concentration of business in catastrophe-prone areas, high gross catastrophe leverage and significant reinsurance dependence. Although GeoVera concentrates all underwriting on providing coverage in catastrophe-prone areas, it combines an established catastrophe-modeled and web-based quoting and binding system to ensure proper pricing with an extensive catastrophe reinsurance program to mitigate its exposure. However, GeoVera maintains high gross catastrophe leverage and is significantly dependent on reinsurance to reduce this exposure to a manageable level on a net basis. Furthermore, GeoVera has paid stockholder dividends to its parent in recent years, which resulted in a decline in surplus in 2008 and tempered surplus growth in 2007.

The FSR of A- (Excellent) and ICRs of "a-" have been affirmed for GeoVera Insurance Group and its following property/casualty members:

  • GeoVera Insurance Company
  • Pacific Select Property Insurance Company
  • GeoVera Specialty Insurance Company
  • GeoVera Re Ltd.

01/15/2010 Announcement:

GeoVera Specialty Insurance Company introduces new Surplus Lines Residential Wind Only product.

GeoVera Specialty Insurance Company is pleased to expand our product line, introducing a Residential Wind Only Policy. The addition of this product brings much needed wind capacity to Florida. The comprehensive wind policy is a unique insurance product that offers broad protection for the dwelling, other structures, personal property, and additional living expense.

Visit Our Products for more information.