The long-awaited Demotech rating decisions for Florida domestic carriers are in, with many carriers having satisfied necessary steps to avoid ratings downgrades by the financial analysis firm. After affirming a slew of companies in mid-March, Demotech announced April 2 that …
Demotech has affirmed 37 of the 46 Florida-based companies rated by the actuarial firm, as of March 26, according to information gathered from Demotech’s website. That leaves fewer than 10 Florida insurers that are still awaiting a decision on their …
Lighthouse Property Insurance Corp. plans to acquire its sister carrier, Prepared Insurance Company (Prepared), from Prepared Holdings Group. Lighthouse is a Louisiana-domiciled property and casualty insurance carrier authorized to write policies in Louisiana, Texas, North Carolina and South Carolina. Prepared …
Ratings agency Demotech is currently reviewing the 2019 fourth quarter earnings and year-end financials of the Florida insurers it rates after indicating in January that several Florida domestic insurers could receive rating downgrades. Demotech President Joseph L. Petrelli provided the …
It’s no surprise that Florida carriers are raising homeowners’ insurance rates given several years of catastrophes and losses from litigation related to assignment of benefits and water damage claims. What may be surprising for insureds, however, is how substantial the …
The credit ratings of homeowners insurer Florida Family Insurance Co. and its subsidiary, Florida Family Home Insurance Co., have been downgraded by AM Best due to a deterioration in underwriting results for the insurer. However, ratings agency Demotech says it …
Demotech began involvement with the Florida homeowners’ insurance market at the State of Florida’s invitation in 1996 and today reviews and rates 46 insurers that write approximately 66% of Florida’s homeowners’ insurance premium. While Demotech reviews and rates 403 entities …
The rating agency responsible for assigning financial stability ratings (FSR) to more than 40 Florida domestic insurers has warned that several carriers will receive downgrades due to deteriorating conditions in the state’s property insurance market, and more than a dozen …
After reviewing the year-end financial statements of the Florida-based carriers it rates, Ohio-based ratings agency Demotech is warning that many insurers could see underwriting and operating losses in their year-end financial statements and that those insurers should be prepared to …
Ratings company Demotech is holding off on issuing large-scale ratings downgrades of Florida property insurers for now, after a number of insurers heeded its warning of last month about the effects of assignment of benefits abuse and state court rulings …
