Demotech, Inc. issued the following announcement on March 24.
Demotech, Inc., the first company to review and rate independent, regional and specialty insurers, affirms the Financial Stability Rating® (FSR) of A, Exceptional, assigned to Security First Insurance Company (Security First).
According to Joseph Petrelli, President and Co-founder, Demotech, "Thoughtful succession planning, managing claim litigation in a difficult judicial environment, and astute reinsurance purchasing are three facets of the Company's enterprise risk management program that support a business model capable of sustaining an FSR at the A level, despite the projected increases in reinsurance costs anticipated in the near future."
"Over the last few years, Florida has been hit with a large number of natural catastrophes causing losses that are compounded by a challenging legal environment. Security First has revamped its operations, including changing underwriting criteria and implementing necessary rate increases, to respond to the ever-changing Florida market. We sincerely appreciate Demotech's willingness to work with us during these difficult times. Demotech has been rating companies like ours in Florida for decades and supporting and educating the policyholders of specialty-focused domestic insurance companies like ours," stated Melissa Burt DeVriese, President, Security First.
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.
About Security First Insurance Company
As Florida's premiere homeowner's insurance company, Security First Insurance is based in Ormond Beach and provides home, renters, condo unit owners, dwelling fire insurance, and flood insurance coverage to thousands of Floridians. The company is nationally recognized for developing award-winning innovative technology designed to improve the customer experience and streamline catastrophe response. Security First Insurance is ranked in the Top 10 Personal and Residential Insurance Companies in Florida by the Office of Insurance Regulation and is strongly committed to initiatives that support and protect Florida residents and their local communities.
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