The insolvency of St. Johns is another indicator of the meltdown of the Florida property insurance market that has been besieged by hurricane losses, fraudulent roofing claims, and excessive litigation primarily involving assignment of benefit claims. (Credit: Sean Pavone/Adobe Stock)
Adding to Florida's homeowners insurance woes, St. Johns Insurance Company, which is one of the larger property insurers in the state, has been declared insolvent and ordered liquidated per a posting on the Florida Department's website. This makes it the third insolvency since mid-2021 and the fifth since 2019 in the state.
Coming on the heels of St. Johns' February 15, 2022 announcement that they would cease writing in the state, the liquidation will not only affect the Florida policyholders, but also the company's policyholders in South Carolina, where they also were licensed and wrote business. The guaranty funds in Florida and South Carolina are triggered under the liquidation order to provide coverage to the company's policyholders up to the statutory limitations, and includes claims for unearned premium. The final date for filing claims in the liquidation proceedings has been set at February 23, 2023.
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