Demotech postpones Florida insurance companies’ rating downgrades

Florida rating agency Demotech responded to the Florida Office of Insurance Regulation saying it will not be posting the expected financial stability rating downgrades Tuesday.We learned last week that Demotech had notified about 20 insurance companies that their ratings were going to be downgraded, which would ultimately make it difficult for these companies to operate in the state. This comes after reviewing their financial re-insurance packets for the 2022 hurricane season.Office of Insurance Regulation (OIR) Commissioner David Altmaier called out the rating agency in a letter last week, basically telling them to go back to the drawing board and reassess

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