Search
 

Olympus Satisfies Florida Regulator Solvency Concerns

Florida domestic insurer Olympus Insurance Co. has satisfied state regulators with a corrective action plan to rectify concerns about the company's solvency.

By Chad Hemenway | Updated on June 14, 2010

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.

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.

INCLUDED IN A DIGITAL MEMBERSHIP:

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Recommended Stories

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2024 ALM Global, LLC. All Rights Reserved.