Just days after some 90,000 policies from troubled United Property & Casualty Insurance Co. were transferred to Slide Insurance as part of a wind-down of the carrier, it was announced that UPC is officially broke and will soon be liquidated. …
Despite monitoring by Florida regulators, cancellation of more than 56,000 policies, and an extensive restructuring plan this year, FedNat Insurance Co. is now insolvent and must be liquidated – the sixth Florida property insurer this year to throw in the …
Thanks to the mounting number of insolvencies of Florida property insurers in the last two years, the Florida Insurance Guaranty Association will have to borrow $150 million and extend a surcharge on policies through 2023. The FIGA Board of Directors …
A week after a Florida news report pointed out that few people seem to know that post-insolvency autopsies are required by law, the state Department of Financial Services has posted 18 of the reports for property insurers online. The reports, …
Two weeks after St. Johns Insurance Co. was declared insolvent, Florida regulators have taken steps to begin liquidating Tampa-based Avatar Property & Casualty Insurance Co., making it the second carrier this year to falter and the sixth in the last …
The UK’s markets watchdog warned it will come down hard on struggling firms that leave customers out of pocket when they resort to legal procedures to manage their liabilities. The Financial Conduct Authority has seen an increase in the number …
An application for an order of liquidation has been filed in a Travis County, Texas, district court for a Houston-based nonstandard auto insurer now in receivership. With the agreement of its board of directors, ACCC Insurance Co. was placed into …
California regulators moved Friday to take over an insurance company that can’t pay out all claims following a massive wildfire that destroyed more than 13,000 homes. Merced Property & Casualty Company was pushed to insolvency by the fire that sparked …
Maryland Insurance Commissioner Al Redmer, Jr. has announced that more than 1,700 Marylanders have been affected by the Penn Treaty liquidation that occurred in Pennsylvania. However, the Maryland guaranty association system has assumed responsibility for Maryland policyholders’ claims, subject to …
The collapse of Utah’s nonprofit insurance cooperative is leaving Utah hospitals with millions in unpaid claims. Arches Mutual Insurance Co. owes $33 million that the Utah Department of Insurance says will likely remain unpaid until 2017, the Salt Lake Tribune …
