Weston Property & Casualty Insurance Co., a Miami-based insurer that was on the verge of financial collapse for weeks, has been taken over by Florida’s government.Legislation & RegulationInsurance Industry
The firm had 10,300 Louisiana policyholders who will now be directed to the state’s industry bailout program.
Weston is the eighth insurer writing policies in Louisiana to collapse in the past year. State officials say it’s still unclear what effect the relatively small insurer will have on the Louisiana Insurance Guaranty Association, a state-chartered entity funded by the industry.
The association recently announced plans to borrow $600 million via bonds to take care of the customers of the seven companies that previously failed.