Sarasota insurance company's ratings under review by AM Best

AM Best has placed under review with "developing implications" the ratings of an insurance company headquartered in Sarasota on the heels of an announcement it will be combined with another company and become a subsidiary of a newly formed entity.

SafePort Insurance provides property insurance for those in Alabama, California, Florida, Louisiana, Mississippi, North Carolina, South Carolina and Texas as well as commercial insurance in Louisiana, North Carolina, South Carolina and Virginia. It is based off University Parkway at Business Boulevard.

Currently, SafePort Insurance has a financial strength rating of A- (excellent) and long-term issuer credit rating of A- (excellent), both of which have been placed under review with developing implications, according to a statement issued Friday by AM Best. Under review with developing implications means more information is needed for AM Best to determine whether the situation that triggered the review will have a positive or negative effect on the ratings.