Demotech Affirms the Financial Stability Rating® Assigned to Garden State Municipal Joint Insurance Fund
COLUMBUS, Ohio, Oct. 14, 2026 (GLOBE NEWSWIRE) -- The Financial Stability Rating® of AA assigned to the Garden State Municipal Joint Insurance Fund (GSMJIF) has been affirmed by Demotech, Inc. Demotech’s evaluation of the historical operating results and capabilities of the GSMJIF included a review of loss and loss adjustment expense reserves carried on its balance sheet, the liquidity and quality of its investment portfolio, and the risk management protocols performed to mitigate the frequency and severity of incidents, among other aspects evaluated. Similarly, the unique attributes of the GSMJIF attributable to its formation pursuant to N.J.S.A. 40A:10-36 were critical.
According to Joseph L. Petrelli, President, Demotech, “In addition to possessing the ability to enhance its balance sheet integrity via majority vote, the GSMJIF protects meritorious claimants via the joint and several liability of the individual members. The business model of the GSMJIF is shaped by regulations and statutes and implemented by informed professionals. The consistency of operations over time was critical to the assignment of a Financial Stability Rating®.”
About Garden State Municipal Joint Insurance Fund
The Garden State Municipal Joint Insurance Fund is a property and casualty fund, formed pursuant to N.J.S.A. 40A:10-36, currently serving 27 New Jersey municipalities covering 10 counties spanning the state.
The GSMJIF facilitates secure, long-term insurance coverage and risk management by utilizing underwriting, claims, and litigation management practices that improve public and employee safety to lower the ultimate cost of risk. Each of these critical disciplines is overseen by experienced managers who work closely with service providers and the members of the GSMJIF to work toward best-in-class operating results.
The GSMJIF has been administered by NIP Management Services, LLC, a division of NIP Group, Inc., since its formation in 2002.
About Demotech, Inc.
Incorporated on September 9, 1985, Demotech, Inc. is a financial analysis firm located in Columbus, Ohio. Demotech serves 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. FSRs assist independent, regional and specialty insurers by leveling the insurer ratings playing field. Demotech was the first to have its rating process reviewed and accepted by Fannie Mae, Freddie Mac, and HUD. Since that time, Demotech’s FSRs have been leveling the playing field for financially stable insurers of all sizes. Since 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 for additional information, sign up or view The Demotech Difference at https://www.demotech.com/research/the-demotech-difference/.
Contact:
inquiry@demotech.com