Demotech Sustains Financial Stability Rating® Assigned to Anchor Specialty Insurance Company Due to Acquisition
COLUMBUS, Ohio, Jan. 14, 2020 /PRNewswire/ -- Demotech, Inc. announces that the Financial Stability Rating® (FSR) of A, Exceptional, assigned to Anchor Specialty Insurance Company is being sustained based upon its pending acquisition by Weston Insurance Holdings Corporation. According to Joseph L. Petrelli, ACAS, MAAA (MBA), President and co-founder, Demotech, Inc.: "We have been frequently briefed by Anchor and Weston personnel throughout Weston's due diligence and assured that both parties desire to effect a transaction that will enhance the 2019 year-end annual statement of Anchor Specialty Insurance Company. It appears that consumer, claimant, agency, and reinsurer relationships should be enhanced by the introduction of Weston's ownership, management, expertise, philosophy, and financial resources."
About Demotech, Inc. Demotech, Inc. is a financial analysis firm specializing in evaluating the financial stability of regional and specialty insurers. Incorporated in 1985, in 1989, Demotech became the first to review and rate independent regional and specialty insurers. Today, Demotech reviews and rates 400 risk bearing entities operating in the US. In terms of uniquely rating carriers in the US, only one insurer rating service rates more insurers than Demotech. Demotech's philosophy is to review and evaluate insurers based on their area of focus and execution of their business model rather than solely on financial size. Visit www.demotech.com for more information.
About Anchor Specialty Insurance Company Anchor Specialty Insurance Company was formed to provide insurance to homeowners living in areas where capacity is limited due to losses from storms and widespread disaster. Anchor Specialty is licensed in Arizona, Georgia, Kentucky, Louisiana, Mississippi, Nevada, New Mexico, Oklahoma, South Carolina and Texas. Offices are located in Beaumont, Texas and St. Petersburg, Florida. For more information, visit us at RelyOnAnchor.com.
About Weston Insurance Weston Insurance was formed in 2011 and began writing policies effective 2012. Weston is a focused specialty insurer, underwriting coverage for losses from low-frequency, high-severity natural perils, including hurricane, other windstorm, hail and flood, for properties located at or near the coast. Weston underwrites personal residential, commercial residential and commercial non-residential properties, and is currently admitted in 5 U.S. states; Florida, Texas, South Carolina, Mississippi and Alabama. In addition to its surplus, Weston purchases over $1 billion of reinsurance limit annually, to further enhance its claims paying ability. Weston is dedicated to helping businesses and individuals achieve financial security by providing access to consistent, cost effective coverage, and responsive, high-quality client service. Weston operates from Coral Gables, Florida, and is led by a senior management team with over 100 years of collective experience in insurance and reinsurance.