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Member, Beacon International Group, Ltd.
More than 8,600 employers nationwide spent part of November and December looking for a new workers compensation insurer.
The need for replacement coverage came after the Florida Department of Financial Services declared insolvent and subsequently took over Fort Lauderdale, Florida-based Guarantee Insurance Co. An article about the proceedings was the ninth most read Workers Compensation story on BI’s website in 2017.
The American Guaranty Fund Group in Florida was given the responsibility of handling existing claims for Guarantee, which insured 1,250 companies in Florida, giving insureds 30 days to secure coverage elsewhere. Companies in states affected by the insolvency would be handled by their perspective guaranty funds, state regulators said.
Guarantee was licensed in 40 states and the District of Columbia, and wrote business in 31 states and the district at the time of liquidation.