2 more Florida insurers lose financial ratings

The Demotech ratings agency has withdrawn the financial ratings of two more Florida property insurers, bringing the total number of withdrawals or downgrades to five this week.

Demotech on Tuesday withdrew the ratings of Bankers Specialty Insurance Co. and First Community Insurance Co., according to the Demotech website. The withdrawals were reported Wednesday morning by the Insurance Journal.

On Monday, Demotech withdrew ratings for Weston Property & Casualty Insurance Co. and FedNat Insurance Co. and downgraded United Property & Casualty Insurance Co. The Demotech decisions reflected widespread financial problems in Florida's property-insurance market.