The moratorium for the cancellation or nonrenewal of insurance policies due to a failure to pay premiums will expire on July 15, 2020.
Just like you, Woodville Mutual is continuing to monitor our nation’s response to the spread of the COVID-19 virus. We want to assure you that our company and our independent agents are here to assist you as best we can during this difficult time.
Woodville Mutual carries a Financial Stability Rating® of 'A EXCEPTIONAL' which means regardless of the severity of a general economic downturn or deterioration in the insurance cycle, insurers earning a Financial Stability Rating® of A possess exceptional financial stability related to maintaining surplus as regards policyholders at an acceptable level.
Demotech is a financial analysis firm located serving the insurance industry by providing accurate and proven Financial Stability Ratings® (FSRs). FSRs are a leading indicator of the financial stability of Property & Casualty insurers and Title underwriters.
Demotech provides an equitable option to obtain a third-party rating for P&C insurance industry. One, many mortgagees require that the insurance placed on the collateral of the mortgage be obtained from a rated, and financial stable company. This helps the mortgagee (i.e. bank) ensure that they will not suffer from toxic assets in the event of an unforeseen loss to it collateral by having an outside opinion of the company’s ability to pay claims at the time of loss.
Demotech embraces the core values and model of Woodville Mutual and accompanies and nurtures the growth of our company, recognizing the value of niches that we may have identified and further empowering us in the space in which we choose to do business.
Woodville Mutual utilizes Demotech for every service they offer to the P&C market. Woodville Mutual has had Demotech leaders, or confidants teach a variety of levels of education to its board including corporate governance and Key Performance Indicators. Demotech is also lending a helping hand to trade organizations that support the Insurance industry, and even running the organizations in some states.
Advocacy within the industry is a service that Demotech provides. They play a very large part with the National Coalition of Insurance Legislators (NCOIL) in helping guide upcoming regulation to provide for the welfare of the industry in both the short and long term. They also stay abreast of the issues that are being taken up at the National Association of Insurance Commissioners (NAIC). With rating issued for companies that operate across the nation, Demotech is in good standing with the NAIC and has become a respected voice at the table. ■