Demotech’s co-founder, Joseph Petrelli, celebrates 50 years of actuarial professionalism
DUBLIN, Ohio, Feb. 26, 2026 (GLOBE NEWSWIRE) -- At the fall meeting of the Casualty Actuarial Society, Patricia Teufel, FCAS, Chair of the Seasoned Actuaries Section, offered words of appreciation to Joe Petrelli and other actuaries reaching the milestone of fifty years of dedication and service to the actuarial profession.
“I would like to personally thank each of you for making the Casualty Actuarial Society a pillar of professionalism and advancement in casualty knowledge. You were the pioneers of our profession, forging exciting paths through practical research and application in a varied and exciting landscape. We are so thankful for your vision and dedication!” said Teufel.
In response, Petrelli said, “My path has been as interesting as anyone’s. At Agway Insurance, I was their first actuary. During my tenure as a consultant, I was often the first and only actuary that dozens of clients relied upon. I have volunteered over thirty years to the American Academy of Actuaries Committee on Property and Liability Financial Reporting and the Casualty Loss Reserve Seminar. In 1996, on behalf of the Conference of Consulting Actuaries, I coordinated the first seminar on preparing statements of actuarial opinion on loss and loss adjustment expense reserves of Title underwriters. In 2012, I formed Buckeye Actuarial Continuing Education to assist actuaries within the state of Ohio to secure continuing education credit.
“With the formation of Demotech on September 9, 1985, we assisted regional carriers transition from advisory premiums to advisory loss costs. In 1989, Demotech became the first to review and rate independent, regional and specialty carriers. Today, we review and rate 460 insurers, 300 of them being uniquely rated
“In the spring of 2022, it was my internal due diligence of a few Florida-focused carriers that failed precipitously despite unqualified independent audits and determinations of reasonable provision on loss and LAE reserves that led me to initiate the research project that unearthed the previously covert online business model of tech-enabled litigation instigation that has destroyed carriers and markets since 2017. Carriers were targeted and their new, annual litigation levels skyrocketed to the point that they were destroyed. Over a hundred and twenty audits and SAOs issued and no one else saw this.
“On July 11, 2022, Demotech secured registration with the United States Securities and Exchange Commission as a nationally recognized statistical rating organization (NRSRO) in the class of Insurance Companies. Today, we remain one of but eleven NRSROs, perhaps the only one focused on smaller, regional, independent insurers.
“Pat Teufel’s thank you also referenced ‘lasting contributions.’ I believe that many of things that Sharon Petrelli, my spouse and business partner, and I have done fall into the category of lasting contributions.”
About Demotech, Inc.
Established in 1985, Demotech, Inc. is a financial analysis firm located in Columbus, Ohio. Demotech has served the insurance industry by providing objective and independent Financial Stability Ratings® (FSRs) for Property & Casualty insurance companies, Life & Health insurance companies, and Title underwriters, among others. As the first company to have its rating process formally reviewed and accepted by Fannie Mae, Freddie Mac, and HUD, Demotech has been leveling the playing field by offering FSRs to insurers of all sizes. As of July 11, 2022, Demotech is registered with the U.S. Securities and Exchange Commission (SEC) as a nationally recognized statistical rating organization (NRSRO) in the class of ratings for insurance companies. Visit www.demotech.com or call (614) 761-8602 for additional information.
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