Demotech, Inc., assigns a Financial Stability Rating® of A, Exceptional, to Trusted Resource Underwriters Exchange

Demotech, Inc., assigns a Financial Stability Rating® of A, Exceptional, to Trusted Resource Underwriters Exchange

COLUMBUS, Ohio, March 20, 2024 /PRNewswire/ — Demotech, Inc., the first company to review and rate independent regional and specialty Property and Casualty insurers, announces the assignment of a Financial Stability Rating® of A, Exceptional, to Trusted Resource Underwriters Exchange. Private investment firm Gallatin Point Capital and American Family Insurance Group have successfully closed a new partnership whereby funds managed by Gallatin Point Capital have acquired a majority stake in the attorney-in-fact for Trusted Resource Underwriters Exchange (TRUE).

According to Demotech’s President and co-founder Joseph Petrelli, “TRUE will immediately add much needed capacity to Florida’s residential property insurance marketplace while expanding geographical footprint to leverage the expertise and experience of management on a countrywide basis. When a private investment firm of Gallatin Point Capital’s substance agrees to invest over $1.25 billion in TRUE, and secures the distribution, client services, claims handling and call center support of a national insurer of the stature of American Family Insurance Group, you know a detailed financial plan underlies the effort.”

Sharon Romano Petrelli, CPCU, AIAF, ARC, CCP, Vice President and co-founder of Demotech added, “Equally important to the consumers and producers that TRUE will serve, the management team is talented and professional. Fabian Fondriest will serve as TRUE’s Executive Chairman, with Tony Scavongelli, as TRUE’s Chief Executive Officer. Their team is equally professional and capable.”

Tony Scavongelli, notes, “As Chief Executive Officer at Trusted Resources Underwriters, I look forward to working with Gallatin Point Capital, Fabian Fondriest, our business partners, and the entire TRUE team on this exciting new venture.”

About Demotech, Inc.

Demotech, Inc. is a financial analysis firm specializing in evaluating the financial stability of regional and specialty insurers. Since 1985, Demotech has served the insurance industry by assigning Financial Stability Ratings® (FSRs). Demotech’s philosophy is to review and evaluate insurers based on their area of focus and execution of their business model rather than on financial size. Demotech was the first to review and rate independent regional and specialty Property and Casualty insurers. Demotech’s consistently expanding list of accreditations and acceptances has resulted in rating and reviewing 460 insurers operating in the US. As of July 11, 2022, Demotech, Inc. is registered with the U.S. Securities and Exchange Commission as a nationally recognized statistical rating organization (NRSRO) in the class of ratings for insurance companies. Learn more at www.demotech.com.

About Trusted Resource Underwriters Exchange (TRUE)

TRUE is a reciprocal insurer established by American Family in 2020 to serve homeowners in storm-prone regions of Florida and other parts of the country. At the end of 2023, Gallatin Point Capital acquired a majority stake in the attorney-in-fact for TRUE and raised over $1.25 billion of committed capital, enabling TRUE to not only provide more underwriting capacity in Florida, but also allow it to strategically expand its homeowners product offering and footprint nationally. TRUE utilizes a partnership distribution model through new and existing partnerships as it enters a new phase of exciting growth. American Family remains a minority owner in the attorney-in-fact and continues to provide distribution and client services on behalf of TRUE.

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SOURCE Demotech, Inc.