Argus Fire and Casualty which is based out of Miami was ordered to cease operations by the State this week. The 9,000 Argus insureds will have 45 days to find new insurance. The Florida Office of Insurance Regulation placed Argus on administrative supervision and shut it down as the company only had a surplus on $4.5 million which is below the capital required for approval for reinsurance against catastrophic events. Argus was founded in 1997 and was a subsidiary of United Automobile Insurance Group.
June 10, 2011 by Morgan Barfield