Gateway Insurance Company Assigned Financial Stability Rating of A, Exceptional from Demotech, Inc.
47-state licensed carrier owned by Buckle continues to advance digital fronting strategy
JERSEY CITY, N.J. — Sept. 1, 2020 — Buckle, a tech-enabled financial services company, announced its licensed carrier, the Gateway Insurance Company, has been assigned a Financial Stability Rating® (FSR) of A, Exceptional, from Demotech, Inc.
In June, Buckle announced the acquisition and recapitalization of Gateway, including its 47 state insurance licenses. Through its digital fronting strategy™, Buckle has expanded insurance coverage to include transportation network companies (TNCs), traditional taxi, limo, and livery businesses using Lyft, Uber, and other apps.
“A Demotech rating enables us to continue the rapid advance of our digital insurance strategies in new and exciting ways,” said Marty Young, co-founder of Buckle. “We purchased, capitalized, seasoned, and relaunched Gateway all in one day. Two months later, we are successfully writing taxi and limo policies in 33 states with our partner, Anchor Group Management, Inc. and plan to expand into a total of 40 in the near term.”
This level of Financial Stability Rating (FSR) is assigned to insurers who possess exceptional financial stability related to maintaining positive surplus as regards 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.
About Demotech, Inc.
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. Visit www.demotech.com for additional information.
Buckle offers total insurance coverage specifically for rideshare and other gig economy providers and TNCs looking to get coverage that is fair and simple. Buckle Rideshare Insurance isn’t a gap product that supplements an existing policy, but replaces a driver’s current auto insurance, providing continuous 24x7 coverage on-and-off the clock with one low rate. Connect with Buckle on Facebook and LinkedIn and visit www.buckleup.com.
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