Sunshine State Insurance Company Acquisition Satisfies Consent Order
Thursday, May 15, 2014
Tallahassee - The Office of Insurance Regulation (Office) was informed today that United Property & Casualty Insurance Company is acquiring Sunshine State Insurance Company, both Florida domiciled companies. The acquisition meets the terms of a Consent Order issued by the Office on March 11, 2014, which directed Sunshine State to either raise capital to bring its surplus level to $15 million or present an executed agreement for the acquisition or recapitalization of the company accompanied by a good faith deposit.
The Office will be reviewing this acquisition and is working with both companies as they complete the transaction.