Division of Rehabilitation and Liquidation
|Name of Company:||Magnolia Insurance Company|
|Date of Liquidation:||April 30, 2010|
|Policy Cancellation Date:||May 30, 2010|
|Claims Filing Deadline:||May 2, 2011|
|Guaranty Association:||Florida Insurance Guaranty Association (you are leaving the DFS website and opening a new browser window)|
|Type of Coverage:||Property and Casualty|
|State of Domicile:||Florida|
|Status of Receivership:||Liquidation|
On April 30, 2010, Magnolia Insurance Company (“Magnolia”) was ordered into receivership for purposes of liquidation by the Second Judicial Circuit Court in Leon County, Florida. The Florida Department of Financial Services is the court appointed Receiver of Magnolia. The company admitted that it is insolvent and consented to the receivership.Background Information
Magnolia, a Florida corporation licensed in 2008, was headquartered in Coconut Grove, Florida. The company previously wrote homeowners policies in Florida and has been in a run-off mode while in a public Administrative Supervision since December 2009. Magnolia had as many as 36,000 policies in force as of the liquidation date. The company was only licensed in the state of Florida.
On January 1, 2011, the Receiver mailed 8,600 Proof of Claim forms to all known claimants. The claim filing deadline is April 11, 2011.
On May 31, 2011, the Receiver completed the process of returning unearned premiums and closed the bank account. The Receiver returned unearned premiums to more than 21,000 policyholders. A total of 1,524 checks totaling $501,626.68 were not negotiated and the funds have been transmitted to Unclaimed Property.
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