Fla. Wins $76M From Owners Of Defunct Insurer

Law360, New York (April 21, 2011, 12:53 PM EDT) -- A Florida state court ordered the former owners of now-defunct Aries Insurance Co. Inc. to pay the state $76 million after two public insurance funds were forced to cover the company's claims, a Florida official said Wednesday.

Aries left about 58,000 policyholders and creditors in the lurch when it was ordered into receivership in 2002, said Florida Chief Financial Officer Jeff Atwater. The Florida Insurance Guaranty Association and the Florida Workers' Compensation Insurance Guaranty Association were required to pay their claims when the company became insolvent,...
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