demotech News

Another View on Florida Ratings Flap; and Petrelli Calls Citizens Re Idea ‘Creative’

The recent brouhaha regarding Demotech and its Financial Stability Ratings (FSRs) of as many as 20 Florida insurers has now come full circle…almost. One important question remains unanswered. Before answering the question, and for those who’ve just joined the discussion, …

Florida Regulators, FAIA Slam Demotech for Reported Plans to Downgrade 17 Carriers

Florida’s top insurance regulators and the Florida Association of Insurance Agents on Thursday blasted the Demotech financial rating firm after the organization reportedly notified 17 insurers that they will soon be downgraded. Demotech President Joe Petrelli said Thursday evening that …

SEC Approves Demotech as Nationally Recognized Statistical Rating Organization

Insurance rating agency Demotech Inc. has become the tenth organization to named a Nationally Recognized Statistical Ratings Organization (NRSRO) by the U.S. Securities and Exchange Commission. With the new designation, Demotech joins the likes of A.M. Best, Fitch Ratings, S&P …

Demotech Joins Call for Florida Special Session; AM Best Downgrades Farm Bureau

The Demotech rating agency has joined the relatively small number of voices calling for a special session of the Florida Legislature to enact changes that insurers hope will help curtail fraudulent roof claims, deter excessive litigation and address other needs. …

Demotech Gives New Kid, Slide, a Top Financial Rating, Thanks to Capital Raised

Slide, a startup insurtech and one of the newest companies to enter the Florida property insurance market, has begun with a favorable financial rating. The Demotech rating firm announced that it has granted Slide a financial stability rating of “A, …

Florida’s Centauri Insurance Keeps ‘A’ Rating, Plans Expansion After Applied Acquisition

Centauri insurance companies (Centauri Specialty Insurance Co. and Centauri National Insurance Co.) have sustained their financial stability rating of “A” (Exceptional) from Demotech, after being strengthened financially through its recent acquisition by Applied Underwriters, the company said in a statement. …

HSCM Bermuda Takes Majority Stake in Florida Insurer Southern Fidelity After Merger

After a tumultuous year that included double-digit rate increases, an intervention by the state regulator and a merger, Florida-based insurer Southern Fidelity Insurance Co. (SFIC) and its affiliated entities have ceded a majority stake in ownership to Hudson Structure Capital …

Florida Property Insurance Market Inches Closer to Crisis – Part 2

The Florida Office of Insurance Regulation is monitoring the state’s property insurance situation that is seen as in a crisis by those in the industry. The regulator said the insurance market has been buffeted by multiple hurricanes in the last …

Florida Property Insurance Market Inches Closer to Crisis – Part 1

After years of warnings that the Florida property insurance market was heading towards an availability crisis, many in the industry say the moment of reckoning has arrived. They blame unchecked claims litigation from non-catastrophe water losses and rising reinsurance rates …

HCI Approved by Florida Regulator to Replace Anchor P&C Coverage for 43K Insureds

The Florida Office of Insurance Regulation has approved a plan for Homeowners Choice Property and Casualty Insurance Company, a subsidiary of HCI Group, to provide replacement policies for Anchor Property and Casualty Insurance Co. policyholders. The approved plan provides policyholders …