The Real Deal Miami

Coral Insurance ordered to stop writing policies

April 03, 2009 02:33PM

Florida Insurance Commissioner Kevin McCarty has barred Hollywood-based Coral Insurance Company from writing new policies for six months over concerns about its financial status. The state said Coral has insufficient reserves to cover policy holders. The company was going to be bought out by United Insurance Holdings Corp., but the deal recently fell apart. Coral has 11,776 policies in South Florida, including 9,860 in South Florida.