Hurricane Ian sends Florida homeowners insurance company into insolvency

Insurance company - Hurricane Ian destruction

United Property & Casualty Insurance Co. experienced larger losses than expected from the storm. United Property & Casualty Insurance Company was hit harder than predicted by Hurricane Ian and regulators have now taken steps to place the insurer into receivership after the storm sent it into insolvency. The process has now been triggered to obtain court approval to send the insurer into receivership. Interim Insurance Commissioner Michael Yaworsky issued a letter to Jimmy Patronis, Florida’s Chief Financial Officer, to launch the process to obtain approval from the courts to place…

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