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Rescue Efforts Fell Short for Gulfstream Insurance

Rescue Efforts Fell Short for Gulfstream Insurance
Plagued by worsening financial issues and under pressure from credit rating agencies, Gulfstream Property and Casualty Insurance Co. entered the first months of 2021 determined to increase its capital contributions.
The Sarasota-based personal residential insurer had just come off a bleak 2020 calendar year and was struggling to maintain the minimum $10 million surplus.
Gulfstream believed it had finally found an adequate investor by early 2021. The suitor had approximately $3 billion in assets and was deep in due diligence with the Sarasota-based residential insurer when disaster struck. Severe winter storms hit the south-central region, where the company has thousands of policies in Texas and Louisiana. Gulfstream, which also operates in Florida, Alabama, Mississippi and South Carolina, was forced to demand higher required contributions. The suitor pulled out. ....

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3 Florida Insurers to Drop Thousands of Policies, Make Moves to Stay Afloat

3 Florida Insurers to Drop Thousands of Policies, Make Moves to Stay Afloat
More than 50,000 Florida policyholders will soon be looking for a new carrier for their homeowners insurance after three Florida-based companies were approved by the state regulator to drop the policies. The moves come just a few weeks before the official start of hurricane season and as legislation designed to target the state’s insurance market issues awaits the governor’s signature.
In consent orders signed by Florida Insurance Commissioner David Altmaier, Universal Insurance Co. of North America (UICNA) was approved to drop 13,294 personal residential policies and Gulfstream Property & Casualty was approved to cancel about 20,311 personal residential policies. Both insurers will remove the policies over the next 45 days. ....

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Court Orders Liquidation of American Capital; Policies to Cancel May 14

Court Orders Liquidation of American Capital; Policies to Cancel May 14
April 22, 2021
The Florida Department of Financial Services, which serves as the receiver for any insurer placed into receivership in Florida, said it was granted a consent order for purposes of liquidation, injunction and notice of automatic stay of AmCap on April 14 by the Second Judicial Court in Leon County, Florida.
According to DFS, under the receivership order, all insurance policies issued by AmCap in effect at the time of the court’s order will be cancelled as of 12:01 am on Friday, May 14, 2021, except for the insurer’s flood policies. Policies with normal expiration dates prior to May 14, or policies which are terminated by the insured or cancelled for non-payment of premium will be cancelled as of their earlier date. ....

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Florida Begins Liquidation of American Capital Assurance; Policies to Cancel May 14

Florida Begins Liquidation of American Capital Assurance; Policies to Cancel May 14
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Regulator Deems Florida-Based American Capital Assurance Corp. Insolvent

Regulator Deems Florida-Based American Capital Assurance Corp. Insolvent
After negative moves by ratings agencies last month to address its financial issues, Florida’s insurance regulator says American Capital Assurance Corp. (AmCap) is insolvent and should be placed in receivership,
In a letter dated April 2 to Chief Financial Officer Jimmy Patronis, Florida Insurance Commissioner David Altmaier said the Office of Insurance Regulation (OIR) has determined that grounds exist for the “initiation of delinquency proceedings” against AmCap. Included in the letter is a consent to order of receivership signed by AmCap “in which it admits that is insolvent.”
The Florida-based insurer, which focused on commercial residential and non-residential property risks, as well as flood coverage, had more than 1,900 policies in force in Florida as of Sept. 30, 2020, with nearly $80 million in annualized premium, according to OIR data. The company also writes business in Georgi ....

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