- Financial Stability Rating® Notifications
- Demotech Affirms the Financial Stability Rating® Assigned to Florida Specialty Insurance Company
Demotech Affirms the Financial Stability Rating® Assigned to Florida Specialty Insurance Company
Columbus, Ohio, March 30, 2018: Demotech, Inc. has affirmed the Financial Stability Rating® (FSR) of A, Exceptional, assigned to Florida Specialty Insurance Company based upon their development and implementation of a business plan that protects the interests of policyholders, producers, and regulators.
According to Joseph L. Petrelli, President, Demotech, “Florida Specialty Insurance Company has worked diligently to develop an action plan that addresses the concerns of regulators, consumers, producers, and Demotech. Upon approval by the Florida Office of Insurance Regulation, a loss portfolio transfer will be effective March 1, 2018, to be applicable to the Company’s net losses. Furthermore, the Company has also reinsured the balance of its net premium effective February 28, 2018. Both contracts are with Sirius America Insurance Company, a well-known and capable reinsurer.”
Petrelli also stated, “Given this action plan, regulators, policyholders, claimants, and producers currently associated with Florida Specialty Insurance Company can be comfortable knowing that the Company has the capability to stand behind its commitments.”
About Florida Specialty Insurance Company
Safeway Property Insurance Company (SPIC) is domiciled in Illinois and is a wholly owned subsidiary of the Safeway Insurance Group of Westmont, Illinois The Company commenced business on December 1, 1997 and insures both maufactured homes and site built homes in Florida.
About Demotech, Inc.
Demotech, Inc. is a financial analysis firm specializing in evaluating the financial stability of regional and specialty insurers. Since 1985, Demotech has served the insurance industry by assigning accurate, reliable and proven Financial Stability Ratings® (FSRs) for Property & Casualty insurers and Title underwriters. FSRs are a leading indicator of financial stability, providing an objective baseline of the future solvency of an insurer. 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.
# # #