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MIAMI INSURANCE COMPANY ORDERED LIQUIDATED

 TALLAHASSEE, Fla., July 20 /PRNewswire/ -- American Property and Casualty Co., a Miami insurer selling primarily commercial multi-peril and auto liability coverage, was ordered liquidated by a Leon Circuit Court judge today.
 Leon Circuit Judge J. Lewis Hall Jr. ordered the liquidation and named the state insurance department as receiver of the company.
 "American Property and Casualty policyholders will have their claims paid by the Florida Insurance Guaranty Assn. (FIGA)," State Treasurer and Insurance Commissioner Tom Gallagher said. In addition, Gallagher said, American's 2,800 policyholders will have 30 days of continued insurance protection in order to give them time to find new coverage.
 American Property, formerly known as Latin American Property and Casualty Insurance Co., began business in Florida in 1984. The company did not have business in other states.
 According to Gallagher, Hurricane Andrew is not the cause of the company's insolvency, although it had incurred some losses due to the storm.
 Policyholders with questions should call 800-342-2762, 8 a.m. to 5 p.m., Monday through Friday.
 -0- 7/20/93
 /CONTACT: Karen Chandler, deputy press secretary of the Florida Department of Insurance, 904-922-3108, ext. 2840/


CO: Florida Department of Insurance; American Property and Casualty Co. ST: Florida IN: INS SU: BCY

AW-PC -- FL015 -- 3533 07/20/93 15:54 EDT
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Publication:PR Newswire
Date:Jul 20, 1993
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