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Demotech Withdraws Rating of American Capital, AM Best Issues Downgrade
American Capital Assurance Corp., a Florida-based insurer focused on commercial residential and non-residential property risks, as well as flood coverage, had its Demotech rating withdrawn and was downgraded by AM Best.
Demotech announced March 5 that it had withdrawn American Capital’s financial stability rating (FSR) of “A” after review and analysis of 2020 statutory financial information filed by the insurer and the company’s decision to no longer participate in Demotech’s rating process. As of March 4, 2021, American Capital Assurance Corp. is no longer followed or rated by Demotech.
“We advised AmCap we would no longer support an FSR at the A level and offered them an FSR of M or withdrawal,” Demotech Founder and President Joseph Petrelli said in an e-mail to Insurance Journal. “AmCap then opted to be not rated rather than rated M [moderate].”