Florida has taken over the operations of Florida Select Insurance Company in the wake of the insurer's failure to secure reinsurance after June 30, a regulator said.
Tom Gallagher, Florida's chief financial officer, said yesterday that the Sarasota, Fla.-based carrier, a member of Vesta Insurance Group, was ordered by a judge into state-supervised rehabilitation.
While three other companies in Florida were ordered into liquidation earlier this year (all members of Poe Financial Group), the Florida Select order is the first state action under a regulation requiring Florida insurers to provide evidence of an adequate amount of reinsurance.
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