I don’t like to speculate but I believe one of those 6 to 10 will be a company that wrote too much business with too little reinsurance all with unlicensed individuals.
We will find out there is no OZ behind the curtain.
This is a ponzi that would make Bernie Madof blush. FIGA better get ready to assess the policy holders of Florida. State of Florida will make California look its flush with cash. Charlie Crist should go ahead and make his airline reservations now to Washington DC, before the state wont be able to afford the trip for him.
I am utterly shocked since I was under the impression that Demotech was more like a membership that you paid into to get the ratings you wanted. You know, like country club, gym, etc….
Absolutely right – at Demotech, everyone gets an A. Just go to their website and look up their FSR Update. All those companies get an A rating.
Demotech also shows how worthless they are when it comes to People’s Trust. How can they continue to give an A rating to a company that has been in business only 1 year, only has $7.3 million in total reserves, and were just forced to stop selling insurance by Alex Sink because of having unlicensed sales people, improper claims handling, inadequate insurance experience for their executives, and inadequate reinsurance. But Demotehc continues to give them an A rating.
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I don’t like to speculate but I believe one of those 6 to 10 will be a company that wrote too much business with too little reinsurance all with unlicensed individuals.
I guess they forgot to pay Demotech for their fictional rating.
Demotech is not a real rating agency. Everyone gets an A, if you pay them enough.
Out of curiosity, what will happen when an actual storm occurs and there are actual claims?
We will find out there is no OZ behind the curtain.
This is a ponzi that would make Bernie Madof blush. FIGA better get ready to assess the policy holders of Florida. State of Florida will make California look its flush with cash. Charlie Crist should go ahead and make his airline reservations now to Washington DC, before the state wont be able to afford the trip for him.
I looked at the list of companies that are rated by Demoteck. Most are also rated by Best. Since when do companies have to have two ratings?
I am utterly shocked since I was under the impression that Demotech was more like a membership that you paid into to get the ratings you wanted. You know, like country club, gym, etc….
Wow…
I thought that these firms had “A” Demotech Rating. I didn’t realize it was Demotech’s “A” Rating…That’s impressive!
Or is it?
Absolutely right – at Demotech, everyone gets an A. Just go to their website and look up their FSR Update. All those companies get an A rating.
Demotech also shows how worthless they are when it comes to People’s Trust. How can they continue to give an A rating to a company that has been in business only 1 year, only has $7.3 million in total reserves, and were just forced to stop selling insurance by Alex Sink because of having unlicensed sales people, improper claims handling, inadequate insurance experience for their executives, and inadequate reinsurance. But Demotehc continues to give them an A rating.
Demotech is an absolute joke!
If demotech is so bad, why are their ratings and Best ratings so close for the companies that they both rate? Maybe Demotech is doing a decent job.
If these companies are bad, shouldn’t the State should shut them down? Isn’t the Department of Insurance supposed to protect us?