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Press Release

Sunshine State Insurance Company Acquisition Satisfies Consent Order
Thursday, May 15, 2014
Contact Info:

Harvey Bennett                                   Amy Bogner
(850) 413-2515                                   (850) 413-2515
Harvey.Bennett@floir.com                 Amy.Bogner@floir.com


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.

Who:
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Contact Info:

Harvey Bennett                                   Amy Bogner
(850) 413-2515                                   (850) 413-2515
Harvey.Bennett@floir.com                 Amy.Bogner@floir.com

About the Florida Office of Insurance Regulation
The Florida Office of Insurance Regulation has primary responsibility for regulation, compliance and enforcement of statutes related to the business of insurance and the monitoring of industry markets. For more information about the Office, please visit
www.floir.com or follow us on Twitter @FLOIR_comm and Facebook

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