Sunrise-based Sawgrass Mutual Insurance Co. is winding down its insurance operations and apparently headed out of business, according to a consent order made public this week by state insurance regulators.
The property and casualty company, created in 2007, had 20,091 policies statewide and 2,612 in the tricounty region at the end of the first quarter of 2017, according to data maintained by the state Office of Insurance Regulation.
Details remained sketchy on Thursday, as the company’s CEO Dan O’Neal did not respond to an email request to discuss what prompted the state’s action. It was made public a day after the ratings agency Demotech downgraded Sawgrass’ Financial Stability Rating from A, Exceptional, to L, Licensed.
The consent order, signed by Insurance Commissioner David Altmaier, said it resulted from “review by [the office] of the financial condition” of the company.