The Florida Department of Financial Services, Division of Rehabilitation and Liquidation applied to a court to place Windhaven Insurance Co. into liquidation, effective Jan. 6, 2020.
The state of Florida previously placed Windhaven into receivership after its regulator determined that the company's financial condition had deteriorated to insolvency. The Department of Financial Services, in its capacity as receiver, said in a filing in Leon County, Fla., Circuit Court that it had determined that "any further efforts to rehabilitate Windhaven would be useless and that the financial condition of Windhaven makes liquidation necessary."
The department noted that the company's Sept. 30 quarterly financial statement reflected a surplus as regards to policyholders of negative $1.7 million, which is $6.8 million below the minimum surplus required to conduct business as a property and casualty insurer. It also said there are $7.4 million worth of outstanding checks issued and mailed in 2019 that have not been cashed by the recipients.