Connecticut Crumbling Foundations Captive Earns "A" Demotech Rating

Connecticut Foundation Solutions Indemnity Company, Inc. (CFSIC), the captive insurance company providing financial assistance to homeowners affected by the state's crumbling foundations disaster, has received a Financial Stability Rating of A, Exceptional, from independent insurance company rating agency Demotech, Inc.

"CFSIC underwent a vigorous financial and operational review," Michael Maglaras, principal of Michael Maglaras & Company and superintendent of CFSIC, said in a statement. "As is true with everything at CFSIC, our great team of outsourced service providers worked hard for this achievement … and, make no mistake, an A, Exceptional, rating from Demotech is an outstanding achievement."

"This Exceptional rating represents enormous hard work on behalf of Mike Maglaras and his team," said Steve Werbner, president of CFSIC. "CFSIC is the best example in the captive industry of a public/private partnership ... the use of state funds coupled with private company management expertise to tackle a property insurance problem of enormous magnitude."

Demotech is a financial analysis firm specializing in evaluating the financial stability of independent, regional, and specialty insurers.

"We at Demotech are pleased to assign a Financial Stability Rating of A, Exceptional, to CFSIC," Joseph Petrelli, president and cofounder of Demotech, said in the statement. "CFSIC is a notable example of a captive insurance company committed to serving the victims of a crisis while maintaining the highest operational standards and financial stability."

To learn more about CFSIC, visit the CFSIC website.