American Keystone Insurance Company Ordered into Receivership for Liquidation
CONTACT: Kyra Jennings or Nina Banister, (850) 413-2842
American Keystone Policyholders Encouraged to Secure New Coverage with Agent
TALLAHASSEE—Leon County Circuit Court Judge John C. Cooper has ordered American Keystone Insurance Company based in Ponte Vedra Beach into receivership for the purpose of liquidation. The Florida Department of Financial Services is appointed Receiver.
Floridians who have homeowners insurance with American Keystone should immediately contact their insurance agent to secure coverage with a new company. All policies will be cancelled effective 11:59 p.m. on November 8, 2009, unless otherwise terminated prior to that date.
“Given that this liquidation order comes during hurricane season, it is imperative that homeowners who have coverage with American Keystone immediately contact their agents to secure new coverage,” said Florida CFO Alex Sink. “We will continue working diligently to help make the transition as smooth as possible for policyholders.”
Consumers with questions relating to American Keystone policy and coverage issues should call the company’s customer service department at 1-877-350-9777 until November 8. Questions relating to claims should be directed to the Florida Insurance Guaranty Association (FIGA) at 1-866-928-4310 or the policyholder’s agent.
American Keystone, a Florida corporation licensed in 2007, primarily wrote homeowners, condominium unit owners, personal inland marine, and residential condominium association policies in the state. The company has approximately 7,800 policies in force, including homeowners, commercial, residential and wind policies.
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As a statewide elected officer of the Florida Cabinet, CFO Alex Sink oversees the Department of Financial Services. A successful businesswoman with nearly three decades of experience in the private sector, Sink is serving her first term as Florida's CFO. As CFO, Sink's priorities include using her business experience to cut wasteful government spending, cracking down on financial and insurance fraud and reforming the state government's contracting practices.