Florida domestic insurer Olympus Insurance Co. has satisfied state regulators with a corrective action plan to rectify concerns about the company's solvency.
In April, the Florida Office of Insurance Regulation (OIR) had threatened to suspend Olympus because it felt the Orlando, Fla.-based homeowners insurer was writing business above levels of what it could support, according to an order from the OIR.
Olympus began writing in Florida in 2007 with $50 million in capital consisting of its own money and funds from the state's Capital Build-up Incentive Program. At the end of 2009 the company reported $21 million in surplus but continued to write business as if it had $50 million in surplus, said the OIR.
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