Another insurance company with thousands of policyholders in Louisiana has collapsed. Fednat Insurance Co., a Florida-based insurer, has been placed in receivership
According to The Times-Picayune | New Orleans Advocate, Fednat had 13,500 Louisiana customers, and 1,500 open claims in Louisiana.
In May, the company filed notice that it was withdrawing from Louisiana, but said it had enough money to pay off existing claims.
Florida regulators on Friday asked a judge to let the state take Fednat over.
The company's managers cited the losses from the 2020 and 2021 hurricane seasons.
Click here to read more from The Times-Picayune | New Orleans Advocate.