Demotech, Inc. Revises Financial Stability Rating® For Universal Insurance Company Of North America To An FSR Of A, Exceptional
COLUMBUS, Ohio, April 12, 2013 /PRNewswire/ -- Demotech, the financial analysis company whose Financial Stability Ratings ® FSRs have coalesced Florida's property insurance marketplace since 1996, has completed its review of the year-end 2012 financial and qualitative information of Universal Insurance Company of North America. Based on this review, Demotech has revised the FSR for Universal Insurance Company of North America to A, Exceptional.
According to Joseph L. Petrelli, President and Co-founder, "Demotech is familiar with the numerous legislative, regulatory and marketplace changes that have taken place in Florida over the past several years. The fifty Florida domiciled carriers that we review and rate comprise nearly 75% of the Homeowners insurance market not written by Citizens Property Insurance Corporation or State Farms' Florida affiliate. As such, when we say that we believe that Universal Insurance Company of North America has been and will continue to be a key carrier in the resurgence of the private sector in Florida, we have the breadth and depth of experience to opine. Universal Insurance Company of North America remains well positioned to serve its insureds, agents, reinsurers and other stakeholders."
About Universal Insurance Company of North AmericaUniversal Insurance Company of North America (UICNA) is a part of Universal Insurance Holdings of North America (Universal North America), a wholly owned subsidiary of Universal Group, Inc. Universal North America currently serves 17 states, offering a variety of insurance products including Homeowners, Dwelling Fire, Condominium, Renters, Flood, and Commercial insurance policies (not all products are available in every state). UICNA is the unit of Universal North America that provides residential property coverage in Florida, South Carolina and Texas. For more information, visit www.universalnorthamerica.com. About Demotech, Inc. Since 1985, Demotech has served the insurance industry by assigning accurate, reliable and proven Financial Stability Ratings ® (FSRs) for Property & Casualty insurers and Title underwriters. FSRs are a leading indicator of financial stability, providing an objective baseline of the future solvency of an insurer. Demotech's philosophy is to review and evaluate insurers based on their area of focus and execution of their business model rather than solely on financial size. This philosophy was the catalyst for the Demotech Company Classification System, which stratifies and categorizes insurers into operational categories. Visit www.demotech.com for more information and to view the latest Financial Stability Ratings ®. SOURCE Demotech, Inc.
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