AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” (Excellent) of Fortegra Belgium Insurance Company NV (FBIC) (Belgium). The outlook of these Credit Ratings (ratings) is stable.
The ratings of FBIC reflect its balance sheet strength, which AM Best assesses as strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management. The ratings also consider, in the form of rating lift, AM Best’s expectation that FBIC’s intermediate parent, The Fortegra Group, Inc. (Fortegra), and its ultimate parent, DB Insurance Co., Ltd., will provide financial support to the company, if needed.
FBIC’s balance sheets strength is underpinned by its risk-adjusted capitalisation, which was assessed at the strong level for year-end 2025, as measured by Best’s Capital Adequacy Ratio (BCAR), supported by capital injections from Fortegra. AM Best expects FBIC’s risk-adjusted capitalisation to improve to at least the very strong level, prospectively, based on the company’s business plans. The balance sheet strength assessment is further supported by a conservative investment strategy consisting of high credit quality fixed income securities and capital injections from Fortegra during the start-up phase. However, as a result of FBIC’s small size and start-up nature, its balance sheet is subject to potential volatility.
AM Best assesses FBIC’s operating performance as adequate. During its first full year of operating in 2025, FBIC reported a profit after tax of EUR 0.3 million. For prospective years, FBIC projects positive technical results during the start-up phase, supported by local and group underwriting expertise, as well as complemented by modest investment income.
FBIC is a Belgium-incorporated start-up subsidiary of Fortegra, a U.S. insurance group specialising in program underwriting for personal and commercial lines property/casualty (P/C) business. FBIC was established in 2024, to write specialty P/C insurance business in several European markets. In 2025, the company wrote gross written premium of EUR 58.2 million through different managing general agents, which focused on surety, financial lines and property businesses.
This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.
AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.
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