Applied Underwriters Creates National Facility for Demotech-Rated Insurers to Access Sought After Excess and Umbrella Coverages
OMAHA, Neb., May 3, 2021 /PRNewswire/ -- Mr. Steve Menzies, Chairman, Applied Underwriters, and Mr. Joseph Petrelli, President and Co-founder, Demotech, Inc., today announced the creation of the first facility of its kind for as many as 400 financially sound insurers as rated by Demotech, a top US insurance rating agency that uses, uniquely, carriers' claims paying ability as the leading indicator of its strength. Through the Applied program, Demotech-rated insurance carriers will be enabled to secure needed umbrella and excess coverages, providing a strong competitive advantage to the insurers for packaging and selling their primary coverages for small business insurance.
According to Mr. Menzies, he has long admired Demotech's dedication to the industry and its rigorous analytical and deep data strengths, coupled with a most forthright communications policy: "We have seen and experienced the benefit of Demotech's incisive analyses. Using Demotech's data-rich, comprehensive resources, we have created a sound risk management model. The resulting program will now support more than 400 financially stable insurers in the marketplace with our follow-the-form insurance products offered under the new facility a major competitive tool for them, their brokers and, ultimately, the business clients they serve."
Mr. Petrelli noted that "Demotech and Applied share many characteristics, among them is the multi-dimensional understanding of properly priced coverage throughout pricing cycles and periods of availability. Applied's willingness to work with Demotech-rated carriers is a tribute to its willingness to transform and strengthen the marketplace, an objective we at Demotech have served for decades." He continued: "The inception of this first ever facility, going national today, is great news for consumers, producers and carriers. Applied and Demotech have a common trust in the growth of as varied and innovative an insurance market as possible, with as much self-regulation as is practicable in a real culture of transparency and probity. This project is emblematic of our mutually shared faith in both Demotech and Applied's analytics. We hope to build other facilities and programs in the future."
For further information contact: Ryan Gerding, Public Relations, at +1 (913) 602-8531 or at [email protected].
About Applied Underwriters (www.auw.com)
Applied Underwriters® is a global risk services firm that helps businesses and people manage uncertainty through its business services, insurance and reinsurance solutions. As a company, Applied Underwriters has been distinguished by its innovative approaches to client care and by its strong financial strength. Applied Underwriters operates widely throughout the US, UK, EU and Middle East. Its operational headquarters is located in Omaha, Nebraska.
About Demotech, Inc. (www.demotech.com)
Demotech, Inc. was the first firm to review independent, regional and specialty insurers. Since 1985, Demotech has served the industry by assigning accurate, reliable and proven Financial Stability Ratings® to Property & Casualty insurers and Title underwriters. FSRs provide an objective baseline of the solvency of an insurer. Demotech's philosophy is to review and evaluate insurers based on their area of focus and execution of their business model rather than solely on financial size. Demotech was the first to review and rate independent regional and specialty insurers. Demotech's increasing accreditations and acceptances has resulted in its review of more than 400 insurers operating in the US.
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SOURCE Applied Underwriters