Personal residential insurer Gulfstream Property and Casualty Insurance Co. has agreed to liquidate according to a July 22 order signed by the Florida Office of Insurance Regulation.
The Florida Department of Financial Services must agree to receivership before the liquidation process can formally begin. Once the DFS signs off, Gulfstream customers will have 30 days to find new coverage.
In the OIRs Consent To Order Of Receivership, Commissioner David Altmaier wrote that the office has determined that one or more grounds exist for the initiation of delinquency proceedings, which include Gulfstreams admission of insolvency.
The liquidation process caps off a tumultuous stretch for the Sarasota-based insurer.
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