|Name of Company:||American Superior Insurance Company|
|date of rehabilitation:||September 29, 2004|
|Date of Liquidation:||December 15, 2004|
|date of discharge||January 31, 2014|
|Policy Cancellation Date:||January 14, 2005|
|Claims Filing Deadline:||December 1, 2005|
|Guaranty Association:||Florida Insurance Guaranty Association ("FIGA") (you are leaving the DFS website and opening a new browser window)|
|Type of Coverage:||Property and Casualty|
|State of Domicile:||Florida|
Notice of Receiveship
Effective December 15, 2004, the Second Judicial Circuit Court in and for Leon County, Florida ("Court") ordered the liquidation of American Superior Insurance Company (“American Superior”). The Florida Department of Financial Services, Division of Rehabilitation and Liquidation is the court appointed Receiver of American Superior. American Superior consented to receivership for purposes of rehabilitation on September 29, 2004. However, primarily as a result of the heavy losses the company sustained during the 2004 hurricane season, the Receiver determined that a successful rehabilitation of the company was not possible. The Receiver petitioned the Court for a liquidation order to best protect the interests of American Superior’s policyholders and claimants.
American Superior was a Florida domestic insurer that wrote business only in Florida. The company specialized in residential property coverage and had over 60,000 policies in-force. Over 10,000 claims were filed against American Superior as a direct result of damages caused by the four hurricanes which hit Florida in 2004.
On September 13, 2010, the First Interim Report on Claims was filed with the Court in the estate of American Superior. On September 27, 2010, the Court issued an order approving the report. A total of 5,040 claims were filed in the American Superior estate within Classes 2, 3, 4, 6, 7 and 8. Claims in Class 2 were evaluated but there was no evaluation completed for claims in the other classes due to limited assets of this estate. On October 7, 2010, Notices of Determination ("Notices") were mailed to these claimants. The Notice informed them of the Receiver's recommendations concerning the classification and amount of their claim, along with instructions on how to proceed if a claimant objected to the recommendations. Objections are required to be filed by the claimant, in writing, with both the Court and the Receiver and postmarked by November 30, 2010. Objections filed after that date will not be considered.
On November 17, 2011, the Second Interim Report on Claims was filed with the Court in the estate of American Superior. On November 18, 2011, the Court issued an order approving the report. A total of 13 claims were reported; 11 of which were Class 2 claims, one was a Class 4 claim, and the last was a Class 8 claim. Consistent with treatment afforded the claims reported in the First Interim Claims Report only the Class 2 claims were evaluated and there was no evaluation performed of claims in the other classes due to limited assets of the estate. Notices of Determination will be mailed in the near future to all 13 claimants informing them of the Receiver's recommendations concerning the classification and amount of their claim, along with instructions on how to proceed if a claimant objected to the recommendations.
On August 5, 2013, the Receiver mailed distribution checks to 508 Class 2 claimants representing 47.90% of the adjudicated amount owed each claimant. The total amount of funds for this distribution was $157,905.26. It is anticipated that no further distributions will be made in this estate.
On January 28, 2014, Judge Lewis signed the Order Approving Discharge Accounting Statemen, Directing Final Discharge, and Authorizing Destruction of Obsolete Records. The American Superior estate closed at 11:59 P.M. on January 31, 2014.