Insurer Northern Capital in receivership

Miami-based Northern Capital Insurance, which primarily writes
homeowner, auto and inland marine policies, has been placed in
receivership by a Tallahassee Circuit Court judge. The company will be
liquidated on May 1. The company, which got its license from the state
four years ago, has approximately 62,000 policy holders. Last week, the
state’s Office of Insurance Regulation warned that Northern Capital was
failing to meet state requirements, including those for minimum capital
and surplus. After liquidation, all policies issued by the company will
be cancelled May 30. [SFBJ]