Centauri’s “A” Rating Holds Firm Following Acquisition by Applied Underwriters
Demotech Financial Stability Rating for Centauri Specialty Insurance Company and Centauri National Insurance Company Affirms Strength of Sarasota-based Insurer
Omaha -- March 22, 2021 -- Further strengthened financially through their recent acquisition by Applied Underwriters, the Centauri insurance companies (Centauri Specialty Insurance Company and Centauri National Insurance Company) have sustained their Financial Stability Rating of “A” (Exceptional) from Demotech, the national insurer rating service. Following extensive examinations measuring claims paying ability, financial reserves and overall financial stability, the Sarasota-based insurer, with over $200 million in annual premiums from policyholders largely concentrated in Florida and Hawaii, is rapidly expanding in the Carolinas and other Southern US markets through a growing network of independent agents and brokers.
According to Mr. Steve Menzies, Chairman of Applied Underwriters, the “A” rating supports the strategic plan undertaken by Applied to deepen its presence in the Southern market through this acquisition, through Centauri’s recent acquisition of the renewal rights from Gulfstream, and by its recently announced Florida Casualty Insurance Company transaction: “Centauri is on solid footing and is newly enabled to capitalize upon the strength of Applied to expand into new target markets both geographically and in product sectors such as residential property and casualty programs, private flood insurance and new products now on the drawing board. We are pleased that Demotech examined the Companies as thoroughly as it did and concluded that its strength is ‘exceptional’ in the best sense of the word.”
Mr. Rick Espino, President of Centauri, noted the overall market impact of Applied’s investment and the importance of the rating: “Applied’s technical resources, from its leadership level to the corporate capacities of its Omaha operational teams, bolster our ability to serve clients with expanded offerings on excellent, “A” rated paper. We believe that we can outpace competitors whose financial base and current operational results cannot attract enough capital to have a meaningful market presence. The entire insurance scene for homeowners on the gulf coast and eastern seaboard will be favorably affected as Centauri and other companies like ours engage enterprises like Applied to ensure solvency standards are met, to pay claims creditably and fairly and to invest in excellence in insurance delivery and operation – an encouragement to regulators faced with the two-sided task of regulating and often restricting the very market that it seeks to grow and have flourish. We believe that Applied’s timely, revitalizing investment in Centauri will make a major difference in the future of insuring weather-catastrophe exposed homeowners.”
For further information contact:
Ryan Gerding, Public Relations, at +1 (913) 602-8531 or at press@auw.com.
About Centauri Insurance (www.centauriinsurance.com)
Centauri Specialty Insurance Company and Centauri National Insurance Company are rated “A” (Exceptional) by Demotech. Formed in 2006 and based in Sarasota, FL, Centauri Insurance is a property and casualty insurance company licensed to serve policyholders in 10 states including Alabama, Florida, Hawaii, Louisiana, Massachusetts, Mississippi, North Carolina, Oklahoma, South Carolina and Texas. Centauri is well known for providing catastrophe coverage and for its ability to provide financial protection to its policyholders through innovative solutions and personalized service.
About Applied Underwriters
Applied Underwriters® is a global risk services firm that helps businesses and people manage uncertainty through its business services, insurance and reinsurance solutions. As a company, Applied Underwriters has been distinguished by its innovative approaches to client care and by its strong financial strength. Applied Underwriters operates widely throughout the US, UK, EU and Middle East. Its operational headquarters is located in Omaha, Nebraska.
About Demotech, Inc. (www.demotech.com)
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 accurate, reliable and proven Financial Stability Ratings® (FSRs) for property & casualty insurers and title underwriters. FSRs are a leading indicator of financial stability, providing an objective baseline of the future solvency of an insurer. Demotech's philosophy is to review and evaluate insurers based on their area of focus and execution of their business model rather than solely on financial size.