Orderly Runoff Didn’t Work; Florida’s United P&C Now Insolvent, Headed for Liquidation
Tuesday, February 21st, 2023 Insurance Industry PropertyJust 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.
‘United was deemed insolvent Feb. 6, 2023, because if all of the assets of United, if made immediately available, (they) would be insufficient to discharge all of the liabilities of United,’ reads an affidavit from the Florida Office of Insurance Regulation’s director of property and casualty financial oversight. It was part of a consent order placing the company into receivership, made public Friday.
External References & Further Reading
https://www.insurancejournal.com/news/southeast/2023/02/20/708627.htm
