credit ratings

As a rating agency and scorekeeper of record for insurance carrier financial stability, Demotech is not the problem in the challenged insurance markets, such as Florida, Louisiana, or elsewhere, according to Steve Menzies, Chairman of Applied Underwriters.

United Property & Casualty Insurance Company (UPC), a carrier of the United Insurance Holdings Corp. group, has become the first downgraded carrier in Florida to become eligible for support via the Citizens guarantee arrangement.

Rating agency Demotech began to take actions on Florida’s property insurance marketplace yesterday, with a number of changes and withdrawals of ratings evident.

The awaited changes to ratings of property insurance carriers with a Florida focus by rating agency Demotech have begun, with United Property & Casualty Insurance Company downgraded two notches to “M”, while insurers FedNat and Weston have both had their ratings withdrawn.

U.S. Senator Marco Rubio (R-FL) has waded into Florida’s property insurance crisis, adding to calls for a Federal review of the states dependence on Demotech as a rating agency.

Rating agency Demotech has now extended the rating revision process for covered Florida property insurance carriers, which had been expected to end today, while at the same time responding to criticism from Florida state leaders.

With Florida’s property insurance market seemingly entering a new level of crisis, on the news that Demotech may downgrade a slew of carriers which caused a significant backlash from state officials, it’s remiss not to consider the impact on the reinsurance market, how that may further pressure those carriers and also the challenges this all […]

Rating agency Demotech has warned an additional 17 Florida property insurance carriers that they may have their ratings downgraded on July 26th, a move that has resulted in a backlash from Florida’s state Insurance Commissioner and CFO.

Rating agency Demotech, Inc. has received national recognition for its abilities as a credit rating agency from the United States Securities and Exchange Commission, becoming one of just ten rating agencies to be approved as an NRSRO.

Standard & Poor’s Ratings Services gave a rating to $3.365 billion of catastrophe bonds during the first five months of 2014, already 65% of the $5.16 billion of cat bonds S&P rated in 2013 and 70% of the $4.8 billion rated by the agency in 2012.