As previously written in my blog, we expected and were prepared for the announcement of several insurance carriers to be downgraded by Demotech. Anchor Property & Casualty became the first company since the article by Insurance Journal a few days ago predicting several Florida insurance carriers were going to be downgraded.
To read more about Demotech downgrading Anchor Property & Casualty click here
Anchor Property & Casualty which was previously rated an "A-Exceptional" insurance carrier by Demotech was downgraded on 1/14/2020 to "M-Moderate" and as a result is in the process of being acquired as well as its sister company, Anchor Specialty. As was the case for Florida Specialty Insurance, after being downgraded there was virtually no path forward for the company to grow or build investor support. We do not know yet what the process will be for current insurance policyholders but we would advise those clients to get in touch with their insurance agent and check the Florida Office of Insurance Regulation website for pertinent updates and procedures.
NOTE: Our insurance agency is not affiliated or appointed with Anchor Property & Casualty so we can not assist with the policy transition to the new parent carrier. However, you can click here to let us help you find more coverage options.