Demotech, Inc. has been solving problems for the insurance industry as well as problems unique to individual companies since 1985. Our corporate milestones and highlights include:
|Founded by Joseph L. Petrelli and Sharon M. Romano Petrelli to serve the financial analysis and actuarial service needs of regional and specialty insurers.|
|1986||First to issue Financial Stability Ratings® (FSRs) for health maintenance organizations (HMOs).|
|1987||First to issue FSRs for public entity liability self-insured pools through the implementation of our Management Audit Process.|
|1989||First to have Property and Casualty insurance company rating process formally reviewed and accepted by Fannie Mae.|
|1990||First to have Property and Casualty insurance company rating process formally reviewed and accepted by Freddie Mac.
Began offering Property and Casualty insurance companies and Title underwriters loss cost analysis and rate, rule and form filing assistance.
Addressed the National Association of Insurance Commissioners (NAIC) requirements for Property and Casualty insurers to submit actuarial opinions related to loss and loss adjustment expense reserves concurrent with the 1990 Property and Casualty annual statement.
|1992||First to issue FSRs for Title underwriters.|
|1993||First to have Property and Casualty insurance company rating process formally reviewed and accepted by the United States Department of Housing and Urban Development (HUD).|
|1994||Fannie Mae issued Title underwriting guidelines, naming Demotech as an approved Title underwriter rating service.|
|1995||First to promulgate Commercial Real Estate Recommendations (CRERs) to provide additional financial due diligence of Title underwriters involved in larger real estate transactions.|
|1996||Contacted by the Florida Office of Insurance Regulation (OIR) when the property insurance market encountered newly established insurers that did not have the representative historical operating experience to meet traditional rating requirements.
Demotech developed evaluation procedures for the assignment of FSRs to newly formed companies.
Coordinated the first seminar regarding the implementation of Statements of Actuarial Opinion for Title insurance companies on behalf of the Conference of Consulting Actuaries.
|1999||Co-authored the Commerce Clearing House publication describing the evolution of the Canadian Title insurance industry.|
|2001||Completed the initial loss and loss adjustment expense reserve review of the Iowa Finance Authority – Title Guaranty Division.|
|2002||Revitalized the Ohio Title Insurance Rating Bureau (OTIRB).|
|2003||Assisted the North Carolina Title Insurance Rating Bureau with the development and filing of Closing Services product.
Assisted the OTIRB with its first rate revision since 1980.
|2004||Introduced Demotech Performance of Title Insurance Companies and Quarterly Updates, presenting consolidated statutory financial information for the Title insurance industry.
Published Serious about Solvency – Financial Stability Rating® Survival Rates 1989 through 2004. This publication outlines the description of our analysis process, the assignment of FSRs and the survival rates of those ratings. This retrospective analysis indicates that insurers earning FSRs of A or better had survival rates at or above expectations.
|2005||Celebrated 20th anniversary.
HUD approved Demotech's rating process for professional liability insurance under Notice H04-15, Professional Liability Insurance for Section 232 and 223(f) Programs.
|2006||Joseph L. Petrelli, ACAS, MAAA, FCA, authored What We've Got Here Is a Failure to Communicate – How Traditional Financial Reporting Contributes to Misunderstanding of Title Insurance Loss Activity. This discussion expounds upon the unintended and unfortunate ramifications of Title underwriters' required conformance with Property and Casualty financial reporting standards and how industry comparisons fail to recognize fundamental differences between Title and Property and Casualty coverage characteristics.|
|2007||Designated the Official Research Partner of Insurance Journal, providing research, actuarial and statistical support and collaborating on special joint reports pertaining to insurance industry performance and financial results.|
|2008||Introduced Insurance Agents' Errors and Omissions Insolvency Gap Legal Defense Coverage.|
|2009||Expanded the Insolvency Gap Coverage to include indemnity as well as legal defense.|
|2010||Celebrated 25th anniversary.
Participated in a comprehensive examination of insurer financial strength authored by Florida State University and The University of North Texas.
|2011||Achieved the milestone of more than 350 insurance entities being actively reviewed, rated and followed.
Florida State University publishes "A Comprehensive Analysis of Insurer Financial Strength Ratings" comparing and contrasting Demotech to Moody's, Standard & Poor's, A. M. Best and Fitch.
|2012||Financial Stability Ratings® added to SNL Financial website, www.snl.com.|
|2013||A leading insurance agent's errors and omissions insurance carrier retains Demotech to perform a financial due diligence on the carriers that will receive an extension of insolvency coverage.
Introduced Stakeholder Team Accomplishment Recognition™ to identify P&C insurers that were able to successfully address the diverse needs of all corporate stakeholders.
Achieved the milestone of more than 400 insurance entities being actively reviewed, rated and followed.
|2014||Achieved the milestone of more than 400 insurance entities being actively reviewed, rated and monitored.
Fannie Mae MultiFamily accepted captive insurers and risk retention groups rated A or better by Demotech as regards professional and general liability insurance coverage for senior housing facilities.
Nominated for Intelligent Insurer Global Award - Best Rating Agency.
ACQ Global Awards 2014 - US - Niche Financial Analysis Provider of the Year (Insurance).
ACQ Law Award 2014 - Niche Lawyer of the Year - US to W. Burke Coleman, Esquire, Demotech's Legal Counsel and Compliance Manager.
|2015||Celebrated 30th Anniversary.
Published inaugural issue of The Demotech Difference.
ACQ Global Awards 2015 - US - Niche Financial Analysis Provider of the Year (Insurance). (2nd consecutive year)
Corporate LiveWire - Innovation & Excellence Award 2015 - Excellence in Financial Analysis - USA.
ACQ Global Awards 2015 - US - Gamechanger of the Year (Financial Analysis).
Founder's Award from the Florida Association for Insurance Reform.
Reactions Magazine - Rating Agency of the Year - 2015 - Runner Up.
Corporate LiveWire - Global Awards 2015 - Insurance Risk Management - Ohio.Â
Financial Monthly - M&A Awards 2015 - Financial Analysis Firm of the Year - USA.
UKCorporate Excellence Award 2015 - Best Evaluator of US Regional and Specialty Insurers & Sustained Excellence in Insurer Financial Analysis.
|2016||Financial Stability Ratings® of S or better accepted by a major underwriter of insurance agents' Errors and Omissions insurance.
ACQ Global Awards 2016 - US - Niche Financial Analysis Provider of the Year (Insurance). (3rd consecutive year).
ACQ Global Awards 2016 - US - Gamechanger of the Year (Financial Analysis). (2nd consecutive year).
InterContinental Finance and Law Magazine 250 Leading Firms Award 2016 - Insurance and Reinsurance Analysis Firm - USA.
Dealmakers Country Awards 2016 - Financial Analysis Firm of the Year - USA.