The Real Deal Miami

Northern Capital policies to terminate May 30

April 29, 2010 09:11PM

The Florida Division of Financial Services announced that policies
issued by Northern Capital Insurance will be terminated May 30, as the
Miami-based property insurer will be liquidated. According to Insurance
Commissioner Kevin McCarty, the company had less than $4 million in
reserve, which fails to meet the minimum state requirements. After
liquidation, the Florida Insurance Guaranty Association will cover all
former Northern Capital policies — which amount to more than 62,000,
largely on South Florida homes. [Palm Beach Post]