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CFO Sink Visits with Workers after Helping Keep Their Much-needed Jobs in Hialeah

11/5/2009

CONTACT: Kyra Jennings or Kevin Cate, (850) 413-2842

Sink Meets with Ascendant Commercial Insurance, Inc. Employees and Their Families

Picture attached

HIALEAH – Florida CFO Alex Sink today visited Ascendant Commercial Insurance in Hialeah, where her efforts last month helped keep over 85 local residents employed after the court liquidated their former employer. CFO Sink’s effort to keep these jobs prevented a drain of an estimated $7 million from the local economy already facing 15.4 percent unemployment, according to the Florida Agency for Workforce Innovation.

“Nothing is more important in these tough economic times than keeping jobs in our state and supporting our communities,” said CFO Sink. “By utilizing an innovative, business-like approach, we were able to save these jobs, support private business, and help Florida’s insurance consumers at the same time.”

While visiting Ascendant, CFO Sink met with employees and their families during an employee appreciation breakfast to thank them for their hard work and talk with them about what it meant to be able to stay employed after the transition.

On August 24, 2009, First Commercial Insurance Company was ordered into liquidation by the Leon County Circuit Court.  CFO Sink’s Department of Financial Services was appointed as receiver and successfully negotiated a transition plan for Ascendant to employ many of the former employees of First Commercial and offer replacement policies to First Commercial policyholders.  In addition to saving over 85 jobs, CFO Sink’s department was able to protect approximately 15,000 Florida policyholders by successfully negotiating the transition plan.

For more information regarding the Ascendant transition, Floridians can call CFO Sink’s consumer help line at (850) 413-3089 or toll-free at 1-877-My-FL-CFO or visit www.MyFloridaCFO.com

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.