"United was deemed insolvent on February 6, 2023, because if all of the assets of United, if made immediately available, would be insufficient to discharge all of the liabilities of United. … [The OIR] has determined that United is operating in an unsound condition that is hazardous to policyholders, creditors, stockholders and the public," Virginia Christy, director of the office's Property & Casualty Financial Oversight unit, said in an affidavit.
Interim Insurance Commissioner Michael Yaworksy sent a letter to state Chief Financial Officer Jimmy Patronis to trigger a process that will lead to seeking court approval to place the St. Petersburg-based insurer into receivership, according to documents posted on the Office of Insurance Regulation website. UPC agreed to the move.
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