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Insurance company ordered to liquidate
By ASSOCIATED PRESS
Published March 26, 2007
TALLAHASSEE - A judge ordered Maitland-based insurance company Vanguard Fire & Casualty Co. into liquidation effective today , more than two months after the insurer was placed under state control. The state Department of Financial Services has paid more than $6-million in claims using company assets, but determined the company's cash and reserves were not enough to keep up with claims. The state also has sought court permission to allow Vanguard's 57,000 homeowner policyholders to be offered replacement coverage by Royal Palm Insurance Co. or Security First Insurance Co. If the court approves, replacement coverage will begin April 25, or when individuals' policies expire.
[Last modified March 26, 2007, 00:50:11]
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