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Demotech Letter Response

- Joseph Petrelli, president of Demotech, responds to a letter from David Altmaier, Commissioner of the Florida Office of Insurance Regulation, regarding Demotech's ratings of insurance companies. - Petrelli acknowledges the July 25 deadline for a response but explains the comprehensive response will not be finalized until July 26 due to the thoroughness of compiling the response. - Petrelli also shares that Demotech has informed all clients receiving a July 19 letter about rating changes that no rating actions will be taken until further notice and the press release is being withheld until the rating process is complete.

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3K views2 pages

Demotech Letter Response

- Joseph Petrelli, president of Demotech, responds to a letter from David Altmaier, Commissioner of the Florida Office of Insurance Regulation, regarding Demotech's ratings of insurance companies. - Petrelli acknowledges the July 25 deadline for a response but explains the comprehensive response will not be finalized until July 26 due to the thoroughness of compiling the response. - Petrelli also shares that Demotech has informed all clients receiving a July 19 letter about rating changes that no rating actions will be taken until further notice and the press release is being withheld until the rating process is complete.

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We take content rights seriously. If you suspect this is your content, claim it here.
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From: Joseph Petrelli

To: Altmaier, David


Cc: Bakofsky, Alexis
Subject: RE: Letter to Demotech
Date: Monday, July 25, 2022 4:27:26 PM
Importance: High

External Email

Commissioner Altmaier,
 
Since our receipt of your correspondence dated July 21, 2002, we have been
working diligently to prepare our response.  Recognizing that your deadline for
our response was July 25, 2022, be advised that although a comprehensive
response has been our sole priority, that response will not be in final until July
26, 2022.
 
In addition to compiling the thorough response requested, every client
receiving our letter dated July 19, 2022 related to our rating assignment and
downgrade has received the following email:
“Demotech sent a letter dated July 19, 2022 stating our position relative  to the
company’s rating assignment.  In that letter we stated the referenced rating
action would be published, and our website would be updated, reflecting the
rating action described on Tuesday, July 26.  Due to various circumstances,
Demotech will not take any rating action including affirmation, downgrade, or
withdrawal until further notice.  While we are unable to provide a specific date
for release, we are working to expedite the release of our ratings as soon as
possible.  Please note, we are not publishing the press release that was
attached to the email notice you received with the July 19, 2022 letter.  We will
withhold the release of all ratings related information and any updates to our
website until we have completed all aspects of our rating process.”
 
Joe Petrelli
 
 
Joseph Petrelli | President
Demotech, Inc. | 2715 Tuller Parkway | Dublin, Ohio 43017-2310
Main: (800) 354-7207 | Direct: (614) 526-2160 | FAX: (614) 526-2161
[email protected] | www.demotech.com
 

Know Competition, No Monopoly. 


No Competition, Know Monopoly.
 
From: Altmaier, David <[email protected]>
Sent: Thursday, July 21, 2022 4:26 PM
To: Joseph Petrelli <[email protected]>
Cc: Bakofsky, Alexis <[email protected]>
Subject: Letter to Demotech
 
Dear Mr. Petrelli,
 
Please see the attached letter.
 
Thank you,
David Altmaier
 
David Altmaier Florida Office of 
Commissioner Insurance Regulation
  200 East Gaines Street, 
[email protected] Tallahassee, FL 32399 
Office: (850) 413-5914 www.FLOIR.com
Mobile: (850) 491-8640 Twitter @floir_comm

 
CAUTION: This email originated from outside of Demotech. Do not click links or open
attachments unless you recognize the sender and know the content is safe.

External Email: Please do not click on links or attachments unless you know the content is
safe.

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