Personal residential insurer Gulfstream Property and Casualty Insurance Co. has agreed to liquidate according to a July 22 order signed by the Florida Office of Insurance Regulation, the Insurance Journal reported. The Florida Department of Financial Services must agree to receivership before the liquidation process can formally begin. Once the DFS signs off, Gulfstream customers will have 30 days to find new coverage. n the OIR’s Consent To Order Of Receivership, Commissioner David Altmaier wrote that the office has determined that “one or more grounds exist for the initiation of delinquency proceedings,” which include Gulfstream’s admission of insolvency. The liquidation process caps off a tumultuous stretch for the Sarasota-based insurer. Gulfstream was placed under administrative supervision in late June after it failed to maintain the minimum surplus necessary to pay claims. Weeks earlier, Demotech Inc. withdrew its “A” designation, citing the company’s shaky finances. Gulfstream suffered significant losses in 2020. The company reported a decrease in surplus of more than $5.2 million as of Dec. 31, 2020 compared with the same date in 2019 including a net loss of $22.6 million and a net underwriting loss of $34.9 million.
