Demotech Rated Frederick Mutual Insurance Company Nominated as Innovative

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Mar 12, 2024, 14:44 ET

COLUMBUS, Ohio, March 12, 2024 /PRNewswire/ -- Demotech, Inc. announces that Frederick Mutual Insurance Company, incorporated on December 15, 1843, and the ninth oldest insurer in the US, has been nominated for the 2024 National Association of Mutual Insurance Companies Award in Innovation. Frederick Mutual has earned a Financial Stability Rating^® of A, Exceptional, from Demotech.

Licensed in the District of Columbia, Delaware, Maryland, North Carolina, Pennsylvania, South Carolina and Virginia, Frederick Mutual Insurance Company selected Nancy B. Newmister as its President and Chief Executive Officer in May 2016. Since that time, Newmister has leveraged the carrier's storied past while securing its relevancy in the future. As President and CEO, Newmister re-positioned the (then) "174-year-old start-up" to ensure its future success.

The Award in Innovation nomination focused on the transformation of Frederick Mutual's workforce, marketing territory, independent agency representation, commercial products, and technology stack while formalizing its risk management, claim, underwriting best practices, and a reduction in expense ratio during the transformation.

Recently, the Maryland domiciled carrier reorganized from a mutual insurance company to a mutual insurance holding company structure, after securing policyholder and board approval. Through the reorganization, Frederick Mutual Holdings, Inc., a mutual insurance holding company, and Frederick Mutual Group, Inc., an intermediate holding company, were formed. Frederick Mutual Insurance Company became a direct subsidiary of Frederick Mutual Group and a wholly owned indirect subsidiary of Frederick Mutual Holdings.

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 Frederick Mutual Insurance Company

In 2022, Frederick Mutual Insurance Company reorganized from a mutual insurance company to a mutual insurance holding company structure, in accordance with Maryland law and pursuant to policyholder and board approval. Through the reorganization, Frederick Mutual Holdings, Inc., a mutual holding company, was formed. Frederick Mutual Insurance Company became a direct subsidiary of Frederick Mutual Group and a wholly owned indirect subsidiary of Frederick Mutual Holdings. Under the new mutual insurance holding company structure, all existing and future policyholders of Frederick Mutual Insurance Company retain their mutual ownership rights and automatically become members of Frederick Mutual Holdings.

SOURCE Demotech, Inc.