Fednat Insurance Co., a Florida-based insurer with a modest presence in Louisiana, has been steered into insolvency by regulators after struggling to pay existing claims. It’s the ninth company with policies in Louisiana to go under since a flurry of storms hit the state starting in the summer of 2020.⁠ ⁠ Fednat had filed a notice to withdraw from Louisiana in May, a move that allowed it to cancel its existing 13,500 policies in the state, records show. At the time, the insurer said it had enough money to pay off existing claims and related expenses. ⁠ ⁠ Earlier this month, however, the company told Florida regulators that it had “overstated” its financial position and no longer had sufficient cash to pay its debts and other obligations, court records show. ⁠ ⁠ Read more at the link in bio.