The Florida Department of Financial Services petitioned the Second Judicial Circuit Court, Leon County, to put the Florida Specialty into receivership. (Photo: Florida Specialty Insurance Co.)
A Florida court has deemed Florida Specialty Insurance Co. insolvent and ordered it into receivership.
The Florida Department of Financial Services petitioned the Second Judicial Circuit Court, Leon County, to put the company into receivership after it was determined Florida Specialty had a negative surplus of $1.48 million as of June 30. The minimum surplus required by state law is $10 million. There was no positive realized income through 2019 and there was doubt the company would have future taxable income, according the the DFS petition.
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