Ratings agency CEO: Company pulling back from Florida after summer flap with state officials

Demotech CEO says Florida politics and a property insurance market in shambles has created an "extremely limited appetite for additional business" in the state.

The state suffered severe losses during Hurricane Ian putting more pressure on an already troubled insurance market. (Photo by Regan Rule)
The state suffered severe losses during Hurricane Ian putting more pressure on an already troubled insurance market. (Photo by Regan Rule)
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Joseph Petrelli, president co-founder of the Ohio-based property insurance rating agency Demotech, Inc., says it’s highly unlikely the company will take on new clients in Florida given the state’s troubled insurance marketplace and because of the political backlash it faced over its processes this summer.

 

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