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Insolvent insurer headed toward receivership - Jacksonville Business Journal

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Insolvent insurer headed toward receivership

Feb 17, 2023

United Property & Casualty has faced deep financial problems for months, including announcing in August that it would exit Florida’s troubled homeowners’ insurance market. Tampa-based Slide Insurance Co. on Feb. 1 picked up 72,000 of United Property & Casualty’s policies. The move to place United Property & Casualty in receivership is another blow to Florida’s property-insurance market. The state placed six insurers into receivership in 2022 because of insolvencies.

While Slide took over the 72,000 policies, it is not liable for claims filed before Feb. 1 by former United Property & Casualty customers. The insolvency and receivership likely will lead to the Florida Insurance Guaranty Association needing to step in to help pay United Property & Casualty claims. In July 2022, the company notified regulators that its financial rating had been downgraded to a level below what is required by the mortgage-industry giants Fannie Mae and Freddie Mac, which look at whether homes are insured by financially sound companies. That led to regulators placing United Property & Casualty in a new program that involved Citizens Property Insurance serving as a backstop.

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