Final August, the St. Petersburg, FL-based UPC introduced that it could exit Florida’s householders’ insurance coverage market. Tampa Bay Times reported that one other insurer, Slide Insurance coverage, took on 72,000 of UPC’s insurance policies earlier this month.
A doc filed with the SEC on February 06, 2023 indicated that UPC had about 135,000 insurance policies in Florida earlier than Slide took over a portion of them. In one other SEC submitting on February 10, father or mother firm United Insurance coverage Holdings Company mentioned that UPC was anticipated to be positioned into receivership resulting from insolvency.
“United was deemed bancrupt on February 6, 2023, as a result of if the entire property of United, if made instantly accessible, can be inadequate to discharge the entire liabilities of United,” OIR Property & Casualty Monetary Oversight director Virginia Christy mentioned in an affidavit connected to Yaworksy’s letter.
Christy’s affidavit additionally famous that UPC had internet underwriting losses of over $35 million every year since 2017.
Whereas UPC was nonetheless in enterprise final 12 months, business specialists noticed the writing on the wall when Demotech downgraded the insurer’s score from “A” to “M” final 12 months. Demotech eventually withdrew UPC’s score in late August 2022 – an indication that the Insurance coverage Data Institute took to imply that UPC would be part of Florida’s rising checklist of bancrupt property insurers.
A complete of six insurers have been positioned into receivership in 2022 resulting from insolvencies.
What are your ideas about UPC being positioned into receivership? And what’s subsequent for Florida’s property market? Tell us within the feedback under.
Final August, the St. Petersburg, FL-based UPC introduced that it could exit Florida’s householders’ insurance coverage market. Tampa Bay Times reported that one other insurer, Slide Insurance coverage, took on 72,000 of UPC’s insurance policies earlier this month.
A doc filed with the SEC on February 06, 2023 indicated that UPC had about 135,000 insurance policies in Florida earlier than Slide took over a portion of them. In one other SEC submitting on February 10, father or mother firm United Insurance coverage Holdings Company mentioned that UPC was anticipated to be positioned into receivership resulting from insolvency.
“United was deemed bancrupt on February 6, 2023, as a result of if the entire property of United, if made instantly accessible, can be inadequate to discharge the entire liabilities of United,” OIR Property & Casualty Monetary Oversight director Virginia Christy mentioned in an affidavit connected to Yaworksy’s letter.
Christy’s affidavit additionally famous that UPC had internet underwriting losses of over $35 million every year since 2017.
Whereas UPC was nonetheless in enterprise final 12 months, business specialists noticed the writing on the wall when Demotech downgraded the insurer’s score from “A” to “M” final 12 months. Demotech eventually withdrew UPC’s score in late August 2022 – an indication that the Insurance coverage Data Institute took to imply that UPC would be part of Florida’s rising checklist of bancrupt property insurers.
A complete of six insurers have been positioned into receivership in 2022 resulting from insolvencies.
What are your ideas about UPC being positioned into receivership? And what’s subsequent for Florida’s property market? Tell us within the feedback under.
