Petrelli and Romano Receive FAIR Founder’s Award
The Florida Association for Insurance Reform (FAIR) presented its Founder’s Award to Joe Petrelli and Sharon Romano of Demotech, Inc. FAIR is a non-profit educational organization that educates consumers and industry stakeholders about issues involving insurance public policy.
The 2015 FAIR awards banquet provided an opportunity to reflect on the history of the Florida insurance market. Several of the presentations during the evening recalled the devastation of Hurricane Andrew and the many ways it affected the market. One of the most profound effects was the reduction in capacity allocated to Florida by insurers that previously had substantial market shares here. The state’s desire to alleviate the growth of the old FRPCJUA (now Citizens Property Insurance Corporation) resulted in the emergence of new Florida-based insurers. Demotech played a significant role in the growth of the Florida-based market as its rating is accepted in the secondary mortgage market and its analytical approach allows it to evaluate new or start-up insurers.
Joe Petrelli and Sharon Romano thanked the various constituents of the Florida market that have now resulted in Citizens’ policy count going down and private insurers providing needed capacity.