Florida’s insurance market has suffered yet another blow, as the Florida Office of Insurance Regulations (FLOIR) has announced that Southern Fidelity Insurance Company has entered into receivership and is being liquidated.

The state’s insurance office made the move on the basis that the insurer was impaired, insolvent or likely to become insolvent and that further transactions would be potentially hazardous to policyholders, creditors, stockholders or the public.