• Skip to main content
  • Skip to secondary menu
  • Skip to primary sidebar

Miami Sports Today

Miami Sports News Continuously Updated

  • Dolphins
  • Marlins
  • Heat
  • Panthers
  • Soccer
    • Inter Miami CF
    • Miami FC
  • Colleges
    • Florida Atlantic
    • Florida International University
    • University of Miami

Three Florida property insurers downgraded

August 2, 2022 by CBS Miami

TALLAHASSEE – In another sign of problems in Florida’s property-insurance market, a financial-ratings agency has withdrawn ratings for two insurance companies and downgraded another company.

The Demotech agency on Monday withdrew financial-stability ratings for Weston Property & Casualty Insurance Co. and FedNat Insurance Co., according to the company’s website.

It also changed United Property & Casualty Insurance Co.’s rating from “A Exceptional” to “M Moderate.”

The Insurance Journal reported the ratings changes Tuesday morning.

Signs had emerged earlier of financial problems at FedNat and United Property & Casualty.

FedNat reached an agreement in May with the state Office of Insurance Regulation that called for it to cancel policies and shift other policies to an affiliated company, Monarch National Insurance Co. Monarch has an “A Exceptional” rating from Demotech. Also, United Property & Casualty said last month that its board had started a “review of its strategic and capital raising alternatives” that could include moves such as a sale.

Financial ratings are important, in part, because mortgage-industry giants Fannie Mae and Freddie Mac require homes to be insured by financially sound companies. For insurers rated by Demotech, Fannie Mae and Freddie Mac require “A” ratings or better.

Florida regulators scrambled in July after Demotech indicated it could downgrade about 17 insurers to a level that would not meet Fannie Mae and Freddie Mac standards. The Office of Insurance Regulation on July 27 announced a stopgap plan to try to make sure homeowners can maintain coverage. The plan involved the state’s Citizens Property Insurance Corp. acting as a financial backstop. Citizens would take on a reinsurance role to help make sure claims get paid if private insurers go insolvent.

Demotech last month did not publicly identify the companies that it was looking at downgrading, so it was not immediately clear Tuesday whether Weston Property & Casualty, FedNat and United Property & Casualty were part of the potential 17 insurers.

Filed Under: Panthers

Primary Sidebar

Recent Posts

  • Iga Swiatek dominates American Amanda Anisimova in Wimbledon finals
  • This week on “Sunday Morning” (July 13)
  • Trump posts message of support for Bondi amid Epstein probe fallout
  • Melissa Turner’s Closing Act
  • 7/12: CBS Weekend News

Categories

Archives

Our Partners

All Sports

  • 247 Sports
  • 560 The JOE
  • 790 The Ticket
  • Bleacher Report
  • CBS Miami
  • OurSports Central
  • The Sports Fan Journal
  • The Spun
  • USA Today
  • WSVN Fox 7

Baseball

  • MLB.com
  • Fish Stripes
  • Last Word On Baseball
  • MLB Trade Rumors
  • Marlin Maniac

Basketball

  • NBA.com
  • Allucan Heat
  • Amico Hoops
  • Hoops Hype
  • Hoops Rumors
  • Hot Hot Hoops
  • Last Word On Pro Basketball
  • Real GM
  • Pro Basketball Talk

Football

  • Miami Dolphins
  • Dolphins Gab
  • Dolphins Wire
  • Last Word On Pro Football
  • NFL Trade Rumors
  • Our Turf Football
  • Phin Phanatic
  • Pro Football Focus
  • Pro Football Rumors
  • Pro Football Talk
  • The Phinsider
  • Total Dolphins

Hockey

  • Elite Prospects
  • Last Word On Hockey
  • Litter Box Cats
  • Pro Hockey Rumors
  • Pro Hockey Talk
  • The Hockey Writers
  • The Rat Trick

Soccer

  • Last Word on Soccer
  • MLS Multiplex

College

  • Canes Warning
  • College Football News
  • College Sports Madness
  • Forgotten 5
  • Saturday Blitz
  • State Of The U
  • The Miami Hurricane
  • Zags Blog

Copyright © 2025 · Magazine Pro on Genesis Framework · WordPress · Log in