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.
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