“Ordered into receivership.” These words on an April 25 fax from a Tallahassee judge officially put the brakes on the history of a once-proud family-owned Florida insurance company.
The Florida Department of Financial Services (DFS) thus became the court-ordered receiver of the business of Poe Financial Group's Southern Family Insurance Co., Atlantic Preferred Insurance Co., and Florida Preferred Insurance Co. It began, through its Division of Rehabilitation and Liquidation, to follow a timetable of rehabilitation and liquidation that should be nearly complete as this magazine issue is delivered.
The plan appeared to hit a snag May 9 when CFO Tom Gallagher went back to court to petition for liquidation of all three companies, a step to which all three were refusing consent. Gallagher said in a release that the companies' refusal drains company resources that should be directed to pay outstanding claims.
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