Buckle, a tech-enabled financial services company, announced the Financial Stability Rating® (FSR) of A, Exceptional, assigned to its licensed carrier, the Gateway Insurance Company, has been affirmed by Demotech, Inc., based on year-end 2020 results. FSRs are a leading indicator of the financial stability of property and casualty insurers and title underwriters. Last year, Buckle announced the acquisition and recapitalization of Gateway, including its 47 state insurance licenses.
“We are pleased to receive this affirmation from Demotech, allowing Buckle to continue working toward our vision of helping gig workers to achieve economic freedom through our insurance products that provide excellent coverage at fair prices.”
“Buckle’s mission is to serve the emerging middle class and providers to the gig economy with our inclusive, digital financial services platform,” said Kristi Matus, CFO and COO of Buckle. “We are pleased to receive this affirmation from Demotech, allowing Buckle to continue working toward our vision of helping gig workers to achieve economic freedom through our insurance products that provide excellent coverage at fair prices.”
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This level of FSR is assigned to insurers who possess exceptional financial stability related to maintaining positive surplus regarding policyholders, liquidity of invested assets, an acceptable level of financial leverage, reasonable loss and loss adjustment expense reserves (L&LAE), and realistic pricing.
FSRs summarize Demotech’s opinion of the financial stability of an insurer regardless of general economic conditions or the phase of the underwriting cycle. FSRs utilize statutory financial data based on insurance accounting principles prescribed or permitted by the National Association of Insurance Commissioners (NAIC). Since 1989, FSRs of A or better have been accepted by the major participants in the secondary mortgage marketplace.
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Demotech, Inc. is a financial analysis firm specializing in evaluating the financial stability of regional and specialty insurers. Since 1985, Demotech has served the insurance industry by assigning accurate, reliable, and proven Financial Stability Ratings® (FSRs) for Property & Casualty insurers and Title underwriters. FSRs are a leading indicator of financial stability, providing an objective baseline of the future solvency of an insurer. Demotech’s philosophy is to review and evaluate insurers based on their area of focus and execution of their business model rather than solely on financial size. Demotech was the first to review and rate independent regional and specialty insurers. Demotech’s consistently increasing list of accreditations and acceptances has resulted in rating and reviewing more than 400 insurers operating in the U.S.
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