WEST PALM BEACH, Fla. — The list of property insurers in Florida that had been flagged by a national ratings company is still being kept a secret — for now.
The rating agency Demotech, which is based in Ohio, pulled back on announcing the approximately 20 companies in danger of a rating downgrade.
Demotech said are holding off on making the list public to allow for more time to review the finances of the companies.
“We will continue to follow our rating methodology and remain an independent observer despite outside pressure,” Demotech said.
“The thing to remember is nobody knows the list of companies,” Robert Norberg of Arden Insurance in Lantana. “We as agents don’t have access to it.”
Norberg is eager to learn which companies are on the list.
“At the end of the day, what I’m telling my clients is be prepared but also don’t panic at this point,” Norberg said.
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Demotech also indicated they are in no hurry to identify the companies.
“We will be taking additional time to review information and consider the issues affecting the companies operating in Florida,” Demotech said in a statement.
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“These are all admitted carriers, which means the policyholders shouldn’t panic,” Norberg said. “Because if their company gets downgraded and eventually goes out of business, they will have claim payment through the Florida insurance guarantee fund, so there is that backstop.”
Any comfort from that may be lost among the 23,000 policyholders with Bankers Insurance