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South Florida

Magnolia Insurance seized by state

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Coconut Grove-based Magnolia Insurance, among the state’s 20 largest property insurers, was taken over by the Office of Insurance Regulation for being insufficiently capitalized. The company has 100,275 policies, 44,400 of them in Broward, Palm Beach and Miami-Dade counties. Agency spokesman Jack McDermott, said the move to state administrative supervision will afford Magnolia the opportunity to reorganize its finances, or fold, which would likely send most policy holders to state-backed Citizens Property Insurance. The agency earlier this year seized American Keystone, Coral Insurance and First Commercial. [Sun Sentinel]