Florida legislators race to find Demotech alternative

Florida legislators race to find Demotech alternative

A Florida legislative panel last week voted unanimously to find an alternative to the ratings agency Demotech – which originally planned to downgrade the ratings of some 17 insurers in the state.

On Friday, the panel voted to spend $1.5 million on consultants to look for alternatives to Demotech. In July, Demotech raised the ire of politicians when it announced its plan to downgrade 17 insurance companies. The downgrade was ultimately postponed, but several insurers were still issued downgrades or had their ratings withdrawn.

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