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Florida regulators take over insolvent workers comp insurer

Florida insurance regulators took over Fort Lauderdale-based Guarantee Insurance Co. on Monday and have started liquidating its assets, a spokesman for the Department of Financial Services confirmed Thursday.

“Officials will be on site assisting (Guarantee) with moving forward through the liquidation processes,” the spokesman wrote in an email. “With the entry of the liquidation order, the applicable state guaranty associations will be activated to help pay outstanding covered claims of (Guarantee’s) workers compensation policies. The processing and payment of pending covered claims will be transitioned to the appropriate state guaranty associations.”

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