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Aerial View of a Tampa Bay, Florida. Credit: Fitz/Adobe Stock The company had filed a plan on June 8, 2022, that outlined how it could transition policies to another insurer, fund a solvent run-off of current and incurred (but not reported) liabilities, address potential reserve inadequacy issues and manage its policies and losses outside of Florida. The state’s insurance office rejected it. (Credit: Fitz/Adobe Stock)

Southern Fidelity Insurance Company has entered into receivership and is being liquidated, according to the Florida Office of Insurance Regulations (FLOIR).

The state’s insurance office made the move on the basis that the insurer was impaired, insolvent or likely to become insolvent and that further transactions would be potentially hazardous to policyholders, creditors, stockholders or the public.

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Steve Hallo

Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected].  

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