HILLSBOROUGH COUNTY, Fla. — United Property & Casualty Insurance (UPC) is the 10th property insurance company in Florida to enter receivership in the last three years, meaning they don’t have enough funding to pay out claims.
As a result, the Florida Office of Insurance Regulation (OIR) declared the company insolvent last week.
In such a volatile market, it’s hard to imagine anyone would want to start a property insurance company in Florida, but a new company in Tampa has already become one of the bigger providers, taking on nearly 200,000 policies from companies going under.
wfts
“I thought, ‘Oh my God… you’re a new company and you have a once-in-a-lifetime catastrophe type of thing, and are…
