Specialty insurance platform DOXA announced it has acquired LimitFi, a platform for capital and credit-risk insurance products.
Connecticut-based LimitFi specializes in default-risk transfer and alternative credit products including non-payment insurance. The platform connects b
anks and lenders seeking capital relief and risk transfer with insurance and reinsurance capit
al providers, with a focus on higher-value specialty transactions in often underserved markets.
Terms were not disclosed.
LimitFi brings credit insurance, private capital and structured finance expertise to DOXA and is supported by specialists in credit, analytics, and portfolio management.
Following the acquisition, LimitFi co-founders Adam Budnick and Zach Smith will continue
to lead LimitFi, as co-presidents of the business. LimitFi employees will also remain in place.
The acquisition expands Indiana-based DOXA’s portfolio of niche insurance offerings. The move also strengthens the company’s capabilities across insurance,
banking, private credit, structured finance and capital markets.
“LimitFi’s experience and strength in structured credit markets contribute well to our con
tinued strategic expansion of specialty insurance managing general agents,” said Kevin Wall, president of DOXA.
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DOXA acquires insurance program administrators, underwriting and program distribution companies and provides them with centralized sales, marketing, underw
riting and operational support. DOXA offers hundreds of custom specialty insurance programs in suppo
rt of more than 20,000 agent-broker relationships in all 50 states.
Following completion of the transaction, Boston-based Safety will continue operating under its established brand and with its independent agency relationships.
The announcement comes after a few years of Safety struggling with winter storm claims and just days after AM Best revised the outlooks to negative from stable for t
he companies of the Safety Group: Safety Indemnity Insurance Co., Safety Property and Casualty In
surance Co. and Safety Northeast Insurance Co.
AM Best affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Ratings (ICR) of “a” (Excellent).
AM Best said the revision of the outlooks reflected pressure on Safety Group’s opera
ting performance as loss severity trends and weather-related events, and new business, have affe
cted underwriting results over the most recent five-year period and through the first half of 2026.
While the company reported a profitable year in 2025, the early part of this year has been tough. F
or first quarter, the insurer reported consecutive storms resulted in more than 1,600 property claims, causing damage of $42.7 million, which contributed 14.6 points to its combined ratio of 113.4%.
