The state Department of Financial Services is seeking up to $60 million in a lawsuit filed against Germany's Allianz, alleging Europe's biggest insurer bilked a startup Miami homeowner insurance company and forced it into bankruptcy.
April 05, 2013 at 12:00 AM
1 minute read
Florida is suing Europe’s largest insurer for $60 million, claiming Germany’s Allianz SE looted a Miami startup carrier that sold windstorm protection for homeowners.
Magnolia Insurance Co. set up offices in 2005, assuming policies from the state-backed insurer of last resort for homeowners, Citizens Property Insurance Corp., but it went belly-up in 2010.
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