TRUE receives ‘A’ rating from Demotech

Demotech, Inc., a rating agency and financial analysis firm, recently bestowed a Financial Stability Rating of ‘A’, Exceptional, to Trusted Resource Underwriters Exchange (TRUE), a reciprocal insurer established by American Family.

The rating was prompted by a new partnership between private investment firm Gallatin Point Capital and insurer American Family Insurance Group.

As part of this partnership, funds managed by Gallatin Point acquired a majority stake in TRUE’s attorney-in-fact. Additionally, Gallatin Point will be making a substantial investment of over $1.25 billion into TRUE.

Joseph Petrelli, President and co-founder of Demotech, remarked, “TRUE will immediately add much needed capacity to Florida’s residential property insurance marketplace while expanding geographical footprint to leverage the expertise and experience of management on a countrywide basis.”

“When a private investment firm of Gallatin Point Capital’s substance agrees to invest over $1.25 billion in TRUE, and secures the distribution, client services, claims handling and call centre support of a national insurer of the stature of American Family Insurance Group, you know a detailed financial plan underlies the effort,” Petrelli added.

Sharon Petrelli, Vice President and co-founder of Demotech, praised TRUE’s capable management team, stating, “Fabian Fondriest will serve as TRUE’s Executive Chairman, with Tony Scavongelli, as TRUE’s Chief Executive Officer. Their team is equally professional and capable.”

Tony Scavongelli, Chief Executive Officer at TRUE, expressed his excitement for this new development, saying, “I look forward to working with Gallatin Point Capital, Fabian Fondriest, our business partners, and the entire TRUE team on this exciting new venture.”

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