Insolvent insurer headed toward receivership - Jacksonville Business Journal

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.

Singapore Singapore Latest News, Singapore Singapore Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Jacksonville Beach entrepreneur launches line of low-ABV drinks - Jacksonville Business JournalJacksonville Beach-based Bluebird Hardwater capitalizing on trend of less-boozy beverages.
Source: JaxBizJournal - 🏆 599. / 51 Read more »

Cultural Council of Greater Jacksonville gives local muralist an opportunity to shine - Jacksonville Business JournalCultural Council gives local muralist an opportunity to shine
Source: JaxBizJournal - 🏆 599. / 51 Read more »

Ember & Iron owners to open new concept in San Marco - Jacksonville Business JournalShucked or roasted oysters will be the specialty at Gemma Fish+Oyster.
Source: JaxBizJournal - 🏆 599. / 51 Read more »

Renovations under review at San Marco Theater as interest in property heightens - Jacksonville Business JournalHere's the type of users who have expressed the most interest in the space.
Source: JaxBizJournal - 🏆 599. / 51 Read more »

Florida home where US presidents and Elon Musk stayed up for sale - Jacksonville Business JournalBillionaire Elon Musk previously hosted a rocket launch watch party here.
Source: JaxBizJournal - 🏆 599. / 51 Read more »

HCA Florida Memorial Hospital CEO Brad Talbert to lead Georgia facility - Jacksonville Business JournalTalbert will join HCA Healthcare’s Memorial Health Savannah as CEO.
Source: JaxBizJournal - 🏆 599. / 51 Read more »