Demotech, Inc. assigns Financial Stability Rating® to Manatee Insurance Exchange

COLUMBUS, Ohio, March 7, 2024 /PRNewswire/ -- Demotech, Inc., the first company to rate independent, regional and specialty insurers (1989) advises that it has assigned a Financial Stability Rating^® of A, Exceptional, to Manatee Insurance Exchange (Manatee).  Manatee is Safepoint Group's newest carrier, a reciprocal exchange, formed to focus on providing insurance solutions to Florida homeowners and business owners.

According to Joseph L. Petrelli, President and Co-founder, Demotech, Inc., "Insurers without sufficient representative operating history, including startups such as Manatee, require a tactile review of pro forma financials, a review of the insurer's business model, business plan, critical assumptions as well as a qualitative analysis of the experience and qualifications of management, key vendors and service providers.  The quality and quantity of reinsurance are also critical considerations.  Although Manatee is a start-up, its senior management team are experienced, battle-tested veterans of the residential property insurance marketplace."

Safepoint Insurance Company, an established carrier within the Safepoint Group, will transfer all existing Florida business to Manatee as Manatee also offers voluntary new business, and participates in the depopulation of Citizens Property Insurance Corporation. Manatee aims to provide a product for its subscribers that offers hurricane protection complemented with superior customer service for the full policy life cycle from issuance to claims handling.

About Demotech, Inc.

Demotech, Inc. is a financial analysis firm specializing in evaluating the financial stability of regional and specialty insurers.  Since 1985, Demotech has served the insurance industry by assigning Financial Stability Ratings^® (FSRs).   Demotech's philosophy is to review and evaluate insurers based on their area of focus and execution of their business model rather than on financial size.  Demotech was the first to review and rate independent regional and specialty Property and Casualty insurers.  Demotech's consistently expanding list of accreditations and acceptances has resulted in rating and reviewing 460 insurers operating in the US.  As of July 11, 2022, Demotech, Inc. is registered with the U.S. Securities and Exchange Commission as a nationally recognized statistical rating organization (NRSRO) in the class of ratings for insurance companies.  Learn more at www.demotech.com.

About Manatee Insurance Exchange

Manatee Insurance Exchange is Safepoint Group's newest insurer and is focused on providing insurance solutions to Florida Home and Business Owners. Although Manatee is new, its management team is experienced, having successfully navigated the Florida insurance market for over a decade. Manatee aims to provide a product for its subscribers that offers industry leading Hurricane protection complemented with superior customer service for the full policy life cycle from issuance to claims handling. 

SOURCE Demotech, Inc.