The error is due to PostgreSQL 12 not yet being supported in the 7.1 version, so Reverse Engineering PostgreSQL 12 will not work in this version unfortunately.
The 7.2 beta program, which will contain PostgreSQL 12 support. You can check the forum for when this becomes available here
STATUS:
Waiting for fix in a future release of Toad Data Modeler. PostgreSQL 12 is due to be supported in the upcoming v7.2 release
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