Demotech, Inc. assigns Financial Stability Rating® of A, Exceptional, to BrightShore Insurance Company
COLUMBUS, Ohio, Feb. 12, 2025 /PRNewswire/ -- Demotech, Inc. has assigned a Financial Stability Rating® (FSR) of A, Exceptional, to BrightShore Insurance Company. The establishment of an insurer dedicated to writing homeowners and flood insurance to protect policyholders reaffirms ShoreOne's dedication to providing industry-leading claims solutions for consumers.
According to Demotech's President and Co-founder, Joseph L. Petrelli, "Demotech, Inc.'s initial activity in Florida, thirty years ago, focused us on reviewing carriers addressing the needs of consumers in catastrophe prone areas. Today, we are the 'go-to' insurer rating agency for financially stable carriers whose business model, execution of that business model, and complementary nature of their reinsurance program is consistent with management's expertise and focus."
ShoreOne Insurance Managers' addition of BrightShore Insurance Company to its arsenal of consumer solutions was spearheaded by Nick Steffey, Chairman and Chief Executive Officer. According to Steffey, "Throughout my 35 plus year career, my focus has been making the insurance experience on coastal properties simple and efficient. Equally important, our policyholders, who own coastal homes need to feel safe and protected. I have assembled a team with these same goals. It was time to capitalize our own insurer."
Demotech assigns FSRs of A, Exceptional, to insurers that possess exceptional financial stability related to maintaining positive surplus as regards policyholders, high liquidity of invested assets, an acceptable level of financial leverage, reasonable loss and loss adjustment expense reserves, and realistic pricing.
About Demotech, Inc.
Established in 1985, Demotech, Inc. is a financial analysis firm located in Columbus, Ohio. Demotech has served the insurance industry by providing objective and independent Financial Stability Ratings® (FSRs) for Property & Casualty insurance companies, Life & Health insurance companies, and Title underwriters, among others. As the first company to have its rating process formally reviewed and accepted by Fannie Mae, Freddie Mac, and HUD, Demotech has been leveling the playing field by offering FSRs to insurers of all sizes. As of July 11, 2022, Demotech is registered with the U.S. Securities and Exchange Commission (SEC) as a nationally recognized statistical rating organization (NRSRO) in the class of ratings for insurance companies. Visit www.demotech.com for additional information.
About BrightShore Insurance Company and ShoreOne Insurance Managers
Founded in 2019, ShoreOne Insurance Managers ("ShoreOne") aims to bridge the significant coverage gap for flood-exposed coastal homeowners. ShoreOne offers a comprehensive homeowners policy covering traditional perils and full flood coverage, alleviating the need for homeowners to navigate multiple policies. Operating in Massachusetts, New Jersey, New York, and South Carolina, ShoreOne employs a capital-light, tech-enabled insurance distribution platform. Specializing in coastal residential property insurance, ShoreOne manages the entire process through its full-service MGA business, earning commissions based on placed insurance and profitability. With a focus on careful underwriting, ShoreOne leverages technology and data science to select, price, and manage risk for over 40,000 coastal homes. Supported by leading reinsurers, ShoreOne prioritizes customer care with experienced leadership and proprietary technology. Contact Satvinder Dhami, Press@shoreoneinsurance.com, for additional information.
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SOURCE Demotech, Inc.