- Financial Stability Rating® Notifications
- Demotech Revises Financial Stability Rating® Assigned to Anchor Property & Casualty Insurance Company
Demotech Revises Financial Stability Rating® Assigned to Anchor Property & Casualty Insurance Company
Columbus, Ohio, January 14, 2020: Demotech, Inc. has revised the Financial Stability Rating® assigned to Anchor Property & Casualty Insurance Company from A, Exceptional, to M, Moderate. This revision is based upon significant alterations to its business model. Based upon recent conversations with management, the Company will cease writing new business in the very near future, sell off the unexpired period of its current policies in force, and coordinate with the State of Florida Office of Insurance Regulation the orderly runoff of its remaining liabilities.
According to Joseph L. Petrelli, ACAS, MAAA (MBA), President and co-founder, Demotech, Inc.: “We have been briefed by Anchor personnel regarding the revisions to its business model. Although our review and analysis process was designed to evaluate carriers executing a business model that is forward focused, Anchor’s commitment to a ‘soft landing’ for existing policyholders and claimants convinced us to continue to review, analyze, and comment on its balance sheet integrity and operating results during its anticipated voluntary runoff.”
About Demotech, Inc.
Demotech, Inc. is a financial analysis firm specializing in evaluating the financial stability of regional and specialty insurers. Incorporated in 1985, in 1989, Demotech became the first to review and rate independent regional and specialty insurers. Today, Demotech reviews and rates 400 risk bearing entities operating in the US. In terms of uniquely rating carriers in the US, only one insurer rating service rates more insurers than Demotech. 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. Visit www.demotech.com for more information.
About Anchor Property & Casualty Insurance Company
Anchor Property and Casualty Insurance Company was formed to provide Florida residents with comprehensive home insurance. The company’s products are available through their network of independent agents throughout the state. Offices are located in St. Petersburg, Florida. For more information, visit RelyOnAnchor.com.