Florida’s United P&C Now Insolvent, Headed for Liquidation

Just 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.

It’s the 10th insolvency for a Florida property carrier in the last two years. It’s also one of the first major actions taken under newly appointed Florida Insurance Commissioner Michael Yaworsky, who took over after former Commissioner David Altmaier resigned in December.

IIAT will share more information when it's available on how this development impacts Texas agents

Read more at the Insurance Journal

Tips for Responding to Carrier Downgrades and Insolvencies

The IIAT Advantage E&O team offers the following resources to help you respond to carrier downgrades and insolvencies. These resources are not exhaustive, they are generalized. They can be modified to apply to your specific needs.

• E&O Best Practices for Responding to Carrier Insolvency
• Notifying Insureds of Carrier Insolvency (Sample Letter)
• Webinar: E&O Tips for Reacting to Carrier Downgrades

Questions?
The IIAT Advantage E&O Team can help you with these topics or any other E&O questions you might have. Contact Cari Senefsky at 512-493-2431