Judge asked to appoint receiver for United Property & Casualty

The Florida Department of Financial Services on Monday asked a Leon County circuit judge to appoint the department as a receiver for United Property & Casualty Insurance Co., which has been deemed insolvent.

The department's Division of Rehabilitation and Liquidation filed a petition in Leon County circuit court after insurance regulators last week sent a letter to state Chief Financial Officer Jimmy Patronis to trigger the process.

The St. Petersburg-backed United Property & Casualty has agreed to the appointment of a receiver. Amid major financial problems in the property-insurance market, the state placed six insurers into receivership in 2022 because of insolvencies. United Property & Casualty has grappled with financial problems for months and announced in August that it would exit Florida's homeowners' insurance market.

Tampa-based Slide Insurance Co. on Feb. 1 picked up 72, 000 of United Property & Casualty's policies. Before that move, United Property & Casualty had about 135, 000 policies in Florida, according to a Securities and Exchange Commission filing. While Slide took over the 72, 000 policies, it is not liable for claims filed before Feb. 1 by former United Property & Casualty customers.

The insolvency and receivership likely will lead to the Florida Insurance Guaranty Association needing to step in to help pay United Property & Casualty claims. Circuit Judge John Cooper was assigned Tuesday