A.M. Best Co. has downgraded the financial strength rating of Senior Citizens Mutual Insurance Company (“Senior Citizens”) (Miami) to F (In Liquidation) from B- (Fair), and removed the rating from under review with negative implications.
On June 2, 2005, the Second Judicial Circuit Court in Leon County, Florida, signed the Consent Order placing Senior Citizens in receivership for purposes of liquidation. Senior Citizens consented to the appointment of the Florida Department of Financial Services as the court appointed Receiver for the company. Senior Citizens previously consented to be placed into rehabilitation on May 9, 2005; however, the Receiver determined that a successful rehabilitation of the company was not possible.
Senior Citizens is a domestic Florida insurer that is licensed to write business in 20 states. The company specializes in other liability and commercial multi-peril coverage for senior citizens’ housing communities and had approximately 15 policies in force as of May 2005. The company also reinsures approximately 600 policies written directly by two other unaffiliated companies. .
In accordance with the terms of the Liquidation Order, all policies are cancelled as of 11:59 p.m. on July 1, 2005, unless otherwise cancelled earlier in the normal course of business.
Was this article valuable?
Here are more articles you may enjoy.