Two insurance carriers of the Bankers Insurance Group have had their ratings withdrawn by rating agency Demotech, becoming the latest to lose their Financial Stability Ratings in a process now scheduled to take until September.As we’ve been reporting, news has been gradually emerging on the status of carriers facing rating revisions in recent days, with a focus on those operating in the challenged Florida property insurance marketplace.First, .It then came to light that , from an A’ Prime Demotech rating, to just an A Exceptional rating.

We’ve now learned that two of the Bankers Insurance carriers have had their ratings withdrawn as well, which came a day after its main Bankers Insurance Company entity had its ‘A’ rating affirmed by Demotech on August 1st 2022.The two carriers are Bankers Specialty Insurance Company and Florida Community Insurance Company, both members of the Bankers Insurance Group, which are now designated as “NR,” Not Rated, as of August 2nd 2022.Bankers Specialty Insurance Company (BSIC) is a Louisiana domiciled carrier that is 100% owned by Bankers Insurance Company (BIC).

BSIC largely writes business in the Louisiana market, we understand.First Community Insurance Company (FCIC) is another Bankers Insurance Group carrier and we understand FCIC is licensed to write business in Florida, Louisiana, North Carolina, South Carolina and Texas.Both carriers were previously rated ‘A’ by Demotech, having last had their FSR’s affirmed at that level last December.

No further information on the reasons behind the rating withdrawals for these two Bankers Insurance carriers are available at this time.Bankers Insurance Group had announced back in June that it was to stop writing personal lines in Florida.Demotech has also finalised the FSR for Universal Property and Casualty Insurance Company, affirming it at ‘A’ on August 2nd.

Finally, Demotech told Artemis that it will prepare a wrap-up at the conclusion of its current review cycle.Demotech has been working on the review as Q2 information from carriers becomes available and told Artemis that announcements will be published when this Q2 rating review cycle is completed, which is now scheduled to be early September.As we also reported today, .——————————————————————— Register soon to ensure you can attend.

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