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UPC In ReceivershipInsolvency Coming
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The Florida Office of Insurance Regulation has filed with the Florida court to place United Property & Casualty Insurance Co. into receivership after higherthan-expected losses from Hurricane Ian helped push the insurer into insolvency.
The company revised claims estimates from last year's Hurricane Ian, exhausting their reinsurance and capital. The resulting financial impairment means that UPC does not have enough capital to complete the orderly run-off that they planned for their Louisiana policies through the end of May.
Jeff Albright
February 2023
The Florida department (who is responsible for monitoring UPC's solvency because it is a Florida-based company) has filed with the courts to begin the receivership process. We expect that request to be approved in the coming week or so.
