More new Florida property insurers in trouble
The Associated Press
Several more small startup property insurers in Florida are headed for insolvency, leaving tens of thousands of homeowners looking for a new company as hurricane season approaches June 1.
Florida regulators are working quickly to mesh the troubled insurers with larger companies to soften the impact on home and business owners.
The Office of Insurance Regulation has been running audits in recent weeks on smaller insurers to be certain they could play claims if policyholders were hit with a destructive hurricane this summer.
The department’s solvency expert says the days are over when a company can get into the insurance business in Florida with just $5 million in capital.