TALLAHASSEE, Fla. (AP) — Florida has won a $76 million circuit court judgment against the former owners of Aires Insurance Co. that folded in 2002.
Chief Financial Officer Jeff Atwater said Wednesday that the judgment issued last week in Miami will partly reimburse two state guaranty funds.
The Florida Insurance Guaranty Association and Florida Workers Compensation Insurance Guaranty Association have paid more than $165 million to Aries claimants so far.
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The figure is expected to top $165 million when all claims are resolved.
Aries left about 58,000 policyholders and creditors with unpaid claims when it was ordered into receivership.
The company's owners, Marcos Fraynd and his three children, pleaded guilty in 2007 to diverting premiums to their personal use.
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