Adirondack Insurance Exchange loses financial stability rating from Demotech

Adirondack Insurance Exchange , which offers personal lines coverage in New York, recently lost its financial stability rating (FSR) from Demotech. The company informed its agents and policyholders about this change sharing that:

Demotech, Inc., a provider of financial stability ratings of property-casualty insurance companies, has withdrawn its financial stability rating for the Adirondack Insurance Exchange, full-service property-casualty insurance company focused exclusively on New York customers and their insurance needs. This could impact you if you have a mortgage with a lender that requires you to carry homeowners insurance with an insurer that has a minimum financial stability rating. If you are impacted, your lender will notify you and we encourage to you to work with your Independent Agent and to evaluate options available to you. Adirondack will mail a letter notifying policyholders of this rating change.