HUD Okays Demotech As Liability Rater
NU Online News Service, Feb. 7, 3:58 p.m. EST?An Ohio firm has been approved by the Department of Housing and Urban Development as a ratings source for providers of professional liability insurance.[@@]
The company, Demotech Inc. of Columbus, Ohio, has been certified as an alternative provider of ratings services for smaller professional liability insurance carriers for a one-year demonstration period, HUD said.
Demotech said it already has experience in rating smaller insurance providers and is approved by HUD, Fannie Mae and Freddie Mac as a rating provider of p-c liability insurance and title insurance.
For the one-year demonstration period, HUD said, Demotech will also be able to provide small carriers with the rating service they need for professional liability insurance. The rating service will be available to captives, risk retention groups, smaller licensed regional insurance carriers and other risk sharing entities.
"Demotech has assured HUD that it will undertake a conservative and comprehensive rating approach to issuing ratings for professional liability insurance providers and will continually monitor and follow-up their review to insure that entities rated by Demotech continue to meet high standards in order to achieve and maintain an "A" rating," said Joseph L. Petrelli, Demotech president.
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