FL DOI Urges Liquidation of Aries

Florida State Treasurer and Insurance Commissioner Tom Gallagher is urging Aries Insurance Company to consent to liquidation after an arbitration panel ruled that the company is deeper in debt than operators originally represented. An arbitration panel ruled last week that Aries, a property and casualty insurance company based in Miami, owes its reinsurance company, General Reinsurance Corporation (Gen Re), approximately $3.7 million for overpayments. Aries had claimed that General Reinsurance owed it more than $30 million. "Liquidation is the only avenue for making sure outstanding clai...