New Florida property insurance company picks up nearly 200,000 homeowners from insolvent companies

United Property & Casualty Insurance (UPC) is in the last three years, meaning they don't have enough funding to cover existing policies. As a result, the Florida Office of Insurance Regulation (OIR) declared the company insolvent last week. In such a volatile market, it's hard to imagine anyone would want to start a property insurance company in Florida, but a new company in Tampa has already become one of the bigger providers, taking on nearly 200,000 policies from companies going under.