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Division Director

Sha'Ron James

Assistant Director

Al Willis


Division of Rehabilitation and Liquidation
Alexander Bldg.,
2020 Capital Circle SE, Ste. 310
Tallahassee, FL 32301
1-800-882-3054
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Company Information
American Keystone Insurance Company

Name of Company: American Keystone Insurance Company
CASE NUMBER: 2009-3955
Date of Liquidation: October 9, 2009
Policy Cancellation Date: November 8, 2009
Claims Filing Deadline: October 8, 2010
Guaranty Association: Florida Insurance Guaranty Association(you are leaving the DFS website and opening a new browser window)(FIGA)
Type of Coverage: Property and Casualty
State of Domicile: Florida
Status of Receivership: Liquidation

Notice of Receivership

Effective October 9, 2009, American Keystone Insurance Company ("American Keystone") was ordered into receivership for purposes of liquidation by the Second Judicial Circuit Court in Leon County, Florida ("Court"). The Florida Department of Financial Services is the court appointed Receiver of American Keystone. In accordance with the terms of the liquidation order, all policies were cancelled at 11:59 p.m. on November 8, 2009, unless otherwise cancelled earlier in the normal course of business.

Background Information

American Keystone, a Florida corporation licensed in 2007, was headquartered in Ponte Vedra Beach, Florida. The company primarily wrote homeowners, condominium unit owners, personal inland marine and residential condominium association policies in Florida. American Keystone had approximately 7,800 policies in force, including homeowners, commercial, residential, and wind policies at the time it entered receivership.

10/29/09 Update: Offer of Replacement Coverage for Selected American Keystone Residential Homeowners Policyholders

In order to assist American Keystone policyholders, the Florida Department of Financial Services, as Receiver of American Keystone, arranged with Homeowners Choice Property and Casualty Insurance Company (“Homeowners Choice”) to provide an offer of replacement insurance coverage to selected American Keystone policyholders. The agreement with Homeowners Choice benefited the selected policyholders in that it offered a potentially smoother transition of the policies to another insurance company and also benefited the American Keystone creditors in that Homeowners Choice will pay the American Keystone estate set amounts under the agreement for policies retained by the insurer.

Homeowners Choice offered this insurance coverage to American Keystone policyholders who had residential homeowners’ policies with Coverage A limits under $1 million. Homeowners Choice is an authorized insurer in Florida and has a Demotech, Inc., Financial Stability Rating of “A,” which meets the needs of most mortgage lenders.

The Receiver and Homeowners Choice sent letters to all affected policyholders suggesting that they contact their agents to learn how they may take advantage of the Homeowners Choice offer. Homeowners Choice agreed to provide a limited representation agreement to all American Keystone agents in connection with their program to provide replacement insurance coverage. To view copies of the motion/order approving this agreement and to view the notices mailed to both agents and policyholders alerting them of the offer of coverage from Homeowners Choice, please click here.

On 2/14/2013, the Receiver mailed Notices of Determination to 7,637 claimants. The amount recommended along with the class assignment are identified in the notice for all classes, 1 through 11. The Objection Filing Deadline is April 2, 2013. Objections were not accepted after that date.

On November 5, 2013, the Receiver mailed 6,295 distribution checks, totaling $1,722,846.88, to claimants of the American Keystone estate. This amount, combined with the $9,100,000 in early access previously distributed to FIGA, represented payment of 100% of the Class 1-3 claims against the estate. The Receiver anticipates making another distribution to other classes of claimants in the future.