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

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.

Petrelli, in an interview Friday, says that the condition of the state’s insurance marketplace is untenable, citing what he sees as the difficulties insurers in Florida are facing from an onslaught of litigation and little interest from leaders to correct the problems.