Columbus, Ohio, July 12, 2022 /PRNewswire/ — Demotech, Inc.the first to assess and rate independent, regional and specialized insurers, assigned a financial stability rating® (FSR) from A, Exceptional, to Connecticut Foundation Solutions Indemnity Company, Inc. This level of FSR is attributed to insurers that have exceptional financial stability, liquid and readily available invested assets to pay claims, an acceptable level of financial leverage and reasonable provisions for claims and adjustment expenses, in relation to their commitments.
President and co-founder of Demotech, Joseph Petrellisaid: “We are pleased to add Connecticut Foundation Solutions Indemnity Company, Inc. to the growing list of Demotech-rated carriers. In my opinion, the creation of this company is an enlightened example of a public-private relationship as well as the intersection of the concepts of environment, social and governance.”
“My board and I are very pleased to achieve this rating,” said Michael Maglarasdirector of Michel Maglaras & Company, the outsourced management company providing superintendent services to CFSIC. “Demotech’s evaluation process is vigorous and very detailed. We had no idea of the outcome in advance, and we are extremely pleased with this recognition of our operational excellence.”
About Connecticut Foundation Solutions Indemnity Company, Inc.
Connecticut Foundation Solutions Indemnity Company, Inc. is licensed and licensed as a captive insurer to assist Connecticut State with the fair and equitable settlement of homeowners’ claims resulting from the natural disaster of pyrrhotite-affected home foundations. Its mission is to use its available resources to adjust and pay claims for the reconstruction of as many pyrrhotite-affected house foundations as those resources will permit. Visit www.crumblingfoundations.org for more information and disclosures.
About Demotech, Inc.
Demotech, Inc. is a financial analysis firm specializing in the evaluation of the financial stability of independent, regional and specialized insurers. Since 1985, Demotech has served the insurance industry by awarding financial stability ratings® (FSR) for P&C insurers and securities underwriters. Demotech’s philosophy is to review and evaluate insurers based on their area of focus and business model execution rather than solely on financial size. Demotech was the first to rate and rate independent regional and specialty insurers. Visit www.demotech.com for more information on how we can help you.
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