Company Information
Atlantic Preferred Insurance Company
| Name of Company: | Atlantic Preferred Insurance Company |
|---|---|
| case number: | 2006-CA-1083 |
| date of rehabilitation: | May 1, 2006 |
| Date of Liquidation: | June 1, 2006 |
| Policy Cancellation Date: | July 1, 2006 |
| Claims Filing Deadline: | June 1, 2007 |
| Type of Coverage: | Property and Casualty |
| State of Domicile: | Florida |
| Status of Receivership: | Liquidation |
Company Information
Effective June 1, 2006, the Second Judicial Circuit Court in Leon County, Florida, entered orders placing Atlantic Preferred Insurance Company, Florida Preferred Property Insurance Company, and Southern Family Insurance Company in receivership for purposes of liquidation. These companies were members of the Poe Financial Group and are referred to together as the “Poe Insurers.” The Florida Department of Financial Services is the court-appointed Receiver of the Poe Insurers.
Background Information
Atlantic Preferred was a Florida corporation that was formed in 1996 and is headquartered in Tampa, Florida. The company was authorized to transact business in the state of Florida as a domestic property and casualty insurer. Atlantic Preferred wrote homeowners multi-peril, allied lines, and fire insurance coverage. In March 2006, Atlantic Preferred reported an impaired financial condition on its annual financial statement as of December 31, 2005. As a result of its financial condition, the company ceased writing new insurance policies and ceased offering renewal policies on or about March 5, 2006. Atlantic Preferred was initially placed in receivership for purposes of rehabilitation on May 1, 2006. As of June 1, 2006, Atlantic Preferred had approximately 137,000 policies in force.
Liquidation Plan
In conjunction with the Office of Insurance Regulation, the Florida Insurance Guaranty Association, and Citizens Property Insurance Corporation, the Receiver developed a plan to provide for an orderly transition of eligible policyholders from the Poe Insurers to other insurers or to Citizens while continuing to serve the interests of the Poe Insurers’ creditors and the public. This plan was submitted to and approved by the Court on June 2, 2006. Under the Liquidation Plan, eligible policyholders were automatically transitioned to Citizens Property Insurance Corporation effective July 1, 2006 without the need for a new application or additional underwriting review. A copy of the Liquidation Plan is available here. A summary of the Liquidation Plan is available here.
On 9/4/2012, the Receiver mailed Notices of Determination to all known claimants. All classes were evaluated and the amount recommended along with the class assignment are identified in the notice. The Objection Filing Deadline is October 22, 2012. Objections will not be accepted after this date.
