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Despite monitoring by Florida regulators, cancellation of more than 56,000 policies, and an extensive restructuring plan this year, FedNat Insurance Co.
State insurance regulators and the Florida Association of Insurance Agents are outraged over a letter that Ohio-based Demotech, which assigns financial strength ratings to Florida-based insurers, sent to 17 of those insurers telling them that their A rating will be downgraded on July 26. The downgrades threaten to throw the insurance market into turmoil.