COLUMBUS, Ohio, Oct. 17, 2018 /PRNewswire/ -- Demotech has affirmed the Financial Stability Rating® of A, Exceptional a-signed to Excalibur Nation...
COLUMBUS, Ohio, Oct. 17, 2018 /PRNewswire/ -- Demotech has affirmed the Financial Stability Rating® of A, Exceptional a-signed to Excalibur National Insurance Company. This is based upon conversations with current management, its on-going plan to effectuate recapitalization as well as its ongoing review of rate level adequacy including an evaluation of policyholder deductibles.
According to Joseph Petrelli, President and co-founder, Demotech, Inc., "Current policyholders of Excalibur National Insurance Company will benefit from the financial scrutiny that the current management team initiated as of June 30, 2018. Alternatively, should Excalibur find itself a subsidiary or affiliate of a larger entity, policyholders will benefit as well."
According to management, the June 30, 2018 statutory financial statements reflect non-admitting a certificate of deposit in the amount of $1,950,000, which was pledged as security in favor of Excalibur National Holdings, Inc. to secure a surplus note in the amount of $1,950,000. Prior quarterly and annual financial statements failed to disclose this certificate of deposit was pledged, and non-admit this certificate of deposit. Similarly during 2018, it was determined that other adjustments to prior financial statements should have been made. In conjunction with the release of the recently completed year-end 2017 independent audit, the integrity of Excalibur's balance sheet is intact.
Excalibur National Holdings has organized a group of highly skilled insurance professionals to design and implement a successful Property & Casualty Insurance Company. All of the insurance professionals have years of experience in the property and casualty business. The structure of the Company's primary and reinsurance programs is to protect customers through the application of underwriting guidelines, claims handling, and reinsurance.
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 a-signing accurate, reliable and proven Financial Stability Ratings® (FSRs) for Property & Casualty insurers, public entity pools, and Title underwriters. FSRs are a leading indicator of financial stability, providing an objective baseline of the future solvency of a public entity pool. Demotech's philosophy is to evaluate insurers based on their area of focus and execution of their business model rather than solely on financial size. Visit www.demotech.com for information.
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