A state circuit judge has ruled that Florida-based insurer Sunshine State Insurance, which is owned by broker US Re, is insolvent.
The Florida Department of Financial Services (DFS) was appointed as the receiver for the insurer, which is one of the oldest in Florida, in the June 3, 2014 order signed by Leon County Circuit Judge Kevin Carroll.
Harvey Bennett, director of communications for the Office of Insurance Regulation, said: “Our paramount concern is the protection of policyholders and to fashion a solution that results in uninterrupted coverage for those policyholders.”
He also said that the office has received proposals from the Florida property insurers who are interested in providing substitute coverage immediately for Sunshine State policyholders and it has turned that information over to DFS, along with the financial analysis of those companies.
“We are working with DFS to ensure a smooth transition for all Sunshine State policyholders,” he said.
The company had previously been in negotiations with United Insurance Holdings, which was looking to buy the troubled insurer but these collapsed recently.
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US Re, North America, Sunshine State,