Welcome to Florida sign.  Credit: Ingo70/Shutterstock It was not immediately clear whether Demotech will downgrade additional insurers — or whether United, Weston and FedNat were even part of the potential 17 downgrades that prompted regulators to put together the new program. Demotech did not disclose the names of companies it was scrutinizing. (Credit: Ingo70/Shutterstock)

On August 2, 2022, a day after getting hit with a financial-rating downgrade, United Property & Casualty Insurance Co. became the first Florida property insurer to take part in a stopgap state program aimed at maintaining coverage for homeowners.

United, which had about 185,000 policies in Florida as of March 31, was one of three insurers downgraded August 1 by the Demotech ratings agency amid widespread financial troubles in the state’s property insurance market.

 

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