Tag Archives: Insolvent Insurers

Puerto Rico Update: Real Legacy Confirms Rumors of Insolvency – What’s Next?

For some time now, people have been keeping a close eye on several of Puerto Rico’s major insurance carriers due to rumors of insolvency. One of those insurance carriers, Real Legacy Assurance, has unfortunately confirmed these rumors and recently filed for liquidation. According to reports, the carrier has paid nearly $40 million dollars to settle … Continue Reading

AmTrust Buys Tower Insurance But Finds a Way to Not Pay Tower’s Pending Claims

Most people think insurance companies are flush with billions in cash as they continually underpay and deny claims. For most of the big insurance companies, this is true, but for some smaller companies spread across the country and localized in certain states, solvency can become an issue. Often, insurance companies such as Tower Insurance get … Continue Reading

Sunshine State Insurance Company … No Longer Shining

Yesterday, Judge Kevin Carroll of the Leon County Circuit Court, entered a Consent Order placing Sunshine State Insurance Company (“Sunshine State”) into receivership for liquidation, and stayed all current litigation against the company. Learning of this situation prompted me to call up some folks involved with a recent Sunshine State claim settlement I negotiated to … Continue Reading

Claims Deadlines Set for Coral Insurance Company

Coral Insurance Company has been placed in receivership. One aspect of handling claims where the insurer is in receivership is that a statutory time limit exists to file a lawsuit. However, for adjusters and policyholders, before a lawsuit can be filed, a "claim deadline" must first be met. We often get requests shortly before the lawsuit … Continue Reading