Buckle’s Licensed Carrier Gateway Insurance Company Receives “Exceptional” Demotech Financial Stability Rating
JERSEY CITY, N.J.–(BUSINESS WIRE)–#Buckleup—Buckle, a financial services company serving the gig economy and rising middle class, announced its licensed carrier, the Gateway Insurance Company, has been assigned the Financial Stability Rating® of A, Exceptional by Demotech, Inc., based on year-end 2021 results.
Financial stability ratings are a leading indicator of the financial stability of property and casualty insurers and title underwriters. In 2020, Buckle announced the acquisition and recapitalization of Gateway, including its 47 state insurance licenses.
“Buckle is pleased to once more receive this exceptional rating for Gateway. It underscores our dedication to supporting rideshare and delivery drivers, as well as our partners across the insurance ecosystem, with excellent, fair, and accessible insurance products,” said Kristi Matus, CFO and COO of Buckle.
This level of financial stability rating is assigned to insurers who possess exceptional financial stability related to maintaining positive surplus as regards to policyholders, liquidity of invested assets, an acceptable level of financial leverage, reasonable loss and loss adjustment expense reserves, and realistic pricing.
Financial stability ratings summarize Demotech’s opinion of the financial stability of an insurer regardless of general economic conditions or the phase of the underwriting cycle. They utilize statutory financial data based on insurance accounting principles prescribed or permitted by the National Association of Insurance Commissioners (NAIC).
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.
About Buckle
Buckle is the digital financial services company providing insurance for the gig industry. Serving the vital, rising middle class, Buckle protects drivers across personal, rideshare, and delivery driving for leading companies including Uber, Lyft, DoorDash, Gopuff, Instacart, Amazon Flex, Uber Eats, Grubhub, Favor, and more. The company also offers insurance solutions for select partners. Buckle has received awards for 2022 including Best of Insurance, a Fastest Growing Company, Best Tech Startup, and more. Connect with us on Facebook, Twitter, LinkedIn, and www.buckleup.com.
Contacts
Media Contact:
Erica Netzley
[email protected]
(726) 262-5969
