|Name of Company:||AequiCap Insurance Company|
|Case Number:||2011 CA 000494|
|Date of Rehabilitation:||February 28, 2011|
|Date of Liquidation:||March 7, 2011|
|Policy Cancellation Date:||April 6, 2011|
|Claims Filing Deadline:||March 7, 2012|
|Objection Deadline:||September 5, 2014|
|Guaranty Association:||Florida Insurance Guaranty Association(you are leaving the DFS website and opening a new browser window)(FIGA)|
|Type of Coverage:||Property and Casualty|
|State of Domicile:||Florida|
|Status of Receivership:||Liquidation|
Notice of Receivership
On March 7, 2011, AequiCap Insurance Company (“AequiCap”) was placed into liquidation by the Second Judicial Circuit Court in and for Leon County, Florida. The Florida Department of Financial Services, Division of Rehabilitation and Liquidation, is the court-appointed Receiver of AequiCap Insurance Company. As a result of the company being placed into liquidation, guaranty associations have been activated in four different states: Florida, Georgia, Oklahoma and South Carolina.
AequiCap was previously ordered into receivership for purposes of rehabilitation on February 28, 2011. Unfortunately, after further review during the course of the rehabilitation efforts, it became clear that the company lacked the financial resources for a successful rehabilitation.
AequiCap is a property and casualty insurance company which was originally licensed in Florida in 1985. The company was licensed in 4 states – Florida, Georgia, Oklahoma, and South Carolina – and wrote commercial automobile, workers’ compensation and surety bonds.
On 7/22/2014, the Department mailed Notices of Determination to all 3,077 known claimants. Due to the level of assets in the estate, only Class 1 and 2 claims were evaluated. The amount recommended for the evaluated claims, along with the class assignment of all claims filed, are identified in the notice. The Objection Filing Deadline was September 5, 2014. Objections were not accepted after this date.
On 11/19/2015, The Department mailed Notices of Determination to 35 claimants. These were to Class 2 non-guaranty association claimants, and one Class 6 claimant. The Objection Filing Deadline was 01/04/2016. Objections were not accepted after this date.
Distribution Checks Mailed
On December 27, 2017, there were 171 distribution checks were mailed to claimants in the Aequicap estate and three wire transfers were made to state guaranty associations, all totaling $5,866,962.75. These checks represent 100% of the Class 1 claims and 13.3117% of Class 2 claims. If significant future recoveries are made it is possible that further distributions may be made from this estate.
Claimants receiving a distribution check have until May 11, 2018 to request a reissue, as stated in the Notice Regarding Time Sensitive Distribution Checks which accompanied their checks.
Second Mailing of Distribution Checks
On July 11, 2018, a second distribution was made in the estate. The distribution consists of 20 checks to non-GA claimants, 2 checks to Guaranty Associations, and 3 wire payments to Guaranty Associations, all totaling $1,151,141.44. This distribution represents a pro-rata payment of 1.3059% of Class 2 claims. The checks are time sensitive and are only valid for the period of time specified on the front of the check. They are “Void after 30 days”. The Checks that go unclaimed and/or the checks that are returned to the Department will not be reissued. The funds will be remitted to the appropriate Divisions of Unclaimed Property.
Third Mailing of Distribution Checks
On September 14, 2018, a third distribution was made in the estate. The distribution consists of 17 checks totaling $28,790.46 to non-GA claimants, 2 checks totaling $19,340.23 to two Guaranty Associations, and 3 wire payments totaling $422,657.24 to three Guaranty Associations. This distribution represents a pro-rata payment of .5341% of the amounts approved for payment on Class 2 claims. The checks are time sensitive and are only valid for the period of time specified on the front of the check. They are “Void after 30 days”.