"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.
State regulators moved forward with placing United Property & Casualty Insurance Co. into receivership after higher-than-expected losses from Hurricane Ian helped push the insurer into insolvency.

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.

UPC has faced deep financial problems for months, including announcing in August that it would exit Florida's troubled homeowners' insurance market. Tampa-based Slide Insurance Co. on Feb. 1 picked up a bulk of UPC's policies.

"I think we are only taking about 50 policies in total in Miami-Dade and Broward counties, which we like. These are newer roofs, newer houses and no open claims," Slide CEO Bruce Lucas told PropertyCasualty360.com. "We underwrote this portfolio over the last couple of months and these represent, in my opinion, the best of the best policies that UPC has to offer."

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