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AMERICAN KEYSTONE INSURANCE COMPANY

Company Information

Company Demographic Information
Name of Company:
AMERICAN KEYSTONE INSURANCE COMPANY
Case Number:2009-3955
Guaranty Association:
Florida Insurance Guaranty Association(FIGA)
Type of Coverage:
Property and Casualty
State of Domicile:
Florida
Status of Receivership:
Closed
Important Receivership Dates
Date of Rehabilitation:
N/A
Date of Liquidation:
October 09, 2009
Policy Cancellation Date:November 08, 2009
Claims Filing Deadline:
October 08, 2010
Objection Deadline:
N/A
Date of Discharge:
June 30, 2015

Notice of Receivership

​Effective October 9, 2009, American Keystone Insurance Company ("American Keystone") was ordered into receivership for purposes of liquidation by the Second Judicial Circuit Court in Leon County, Florida ("Court"). The Florida Department of Financial Services is the court appointed Receiver of American Keystone. In accordance with the terms of the liquidation order, all policies were cancelled at 11:59 p.m. on November 8, 2009, unless otherwise cancelled earlier in the normal course of business.

Background Information

​American Keystone, a Florida corporation licensed in 2007, was headquartered in Ponte Vedra Beach, Florida. The company primarily wrote homeowners, condominium unit owners, personal inland marine and residential condominium association policies in Florida. American Keystone had approximately 7,800 policies in force, including homeowners, commercial, residential, and wind policies at the time it entered receivership.

Updates:
10/29/09 Update: Offer of Replacement Coverage for Selected American Keystone Residential Homeowners Policyholders In order to assist American Keystone policyholders, the Florida Department of Financial Services, as Receiver of American Keystone, arranged with Homeowners Choice Property and Casualty Insurance Company (“Homeowners Choice”) to provide an offer of replacement insurance coverage to selected American Keystone policyholders. The agreement with Homeowners Choice benefited the selected policyholders in that it offered a potentially smoother transition of the policies to another insurance company and also benefited the American Keystone creditors in that Homeowners Choice will pay the American Keystone estate set amounts under the agreement for policies retained by the insurer. Homeowners Choice offered this insurance coverage to American Keystone policyholders who had residential homeowners’ policies with Coverage A limits under $1 million. Homeowners Choice is an authorized insurer in Florida and has a Demotech, Inc., Financial Stability Rating of “A,” which meets the needs of most mortgage lenders. The Receiver and Homeowners Choice sent letters to all affected policyholders suggesting that they contact their agents to learn how they may take advantage of the Homeowners Choice offer. Homeowners Choice agreed to provide a limited representation agreement to all American Keystone agents in connection with their program to provide replacement insurance coverage. To view copies of the motion/order approving this agreement and to view the notices mailed to both agents and policyholders alerting them of the offer of coverage from Homeowners Choice, please click here. On February 14, 2013, the Receiver mailed Notices of Determination to 7,637 claimants. The amount recommended along with the class assignment are identified in the notice for all classes, 1 through 11. The Objection Filing Deadline is April 2, 2013. Objections were not accepted after that date. On November 5, 2013, the Receiver mailed 6,295 distribution checks, totaling $1,722,846.88, to claimants of the American Keystone estate. This amount, combined with the $9,100,000 in early access previously distributed to FIGA, represented payment of 100% of the Class 1-3 claims against the estate. The Receiver anticipates making another distribution to other classes of claimants in the future. On July 2, 2015, the Second Judicial Circuit Court in Leon County, Florida ("Court") entered an Order discharging the Receiver from any and all duties, obligations, and liabilities in the administration of the American Keystone estate as of 20:01 A.M. on June 30, 2015.

The following documents are provided as Adobe Acrobat PDF files best viewed using the free Adobe Acrobat reader software.

Court Documents

DateTitleSize
07/02/2015Order Approving Receiver's Motion for Order Approving Discharge Accounting Statement, Directing Final Discharge of Receiver, Directing Disposition of Remaining Assets and Closing Estate83K
06/11/2015Order Approving Receiver's Final Claims Report, Claims Distribution Report, Distribution Accounting Statement, and Authorizing Distribution256K
06/10/2015Receiver's Motion for Order Approving Discharge Accounting Statement, Directing Final Discharge of Receiver, Directing Disposition of Remaining Assets and Closing Estate186K
06/10/2015Receiver's Motion for Order Approving Final Claims Report, Claims Distribution Report, Distribution Accounting Statement, and Authorizing Distribution72K
03/10/2015Order Approving Receiver's Third Interim Claims Report and Recommendation on Claims250K
03/05/2015 Receiver's Motion for Approval of Third Interim Claims Report and Recommendation on Claims77K
10/15/2013Order Approving Receiver's Motion for Order Approving Final Claims Report, Claims Distribution Report and Distribution Accounting and Authorizing Distribution62K
10/09/2013Receiver's Motion for Order Approving Final Claims Report, Claims Distribution Report and Distribution Accounting and Authorizing Distribution493K
01/25/2013Order Approving Receivers Motion for Approval of Second Interim Claims Report and Recommendations on Claims108K
01/23/2013Motion for Approval of Second Interim Claims Report & Recommendation on Claims540K
12/07/2009Order Approving Procedure for Deeming Return Premium Claims as Timely Filed24K
11/24/2009Receiver's Motion for Approval of Procedure for Deeming Return Premium Claims as Timely Filed35K
10/29/2009Order Approving Agreement with Homeowners Choice Property and Casualty Insurance Company18K
10/23/2009Motion for Approval of Agreements with Homeowners Choice Property and Casualty Insurance Company241K
10/09/2009Order Appointing the Florida Department of Financial Services as Receiver for Purposes of Liquidation, Injunction, and Notice of Automatic Stay108K
10/08/2009Petition for Order Appointing the Florida Department of Financial Services as Receiver for Purposes of Liquidation, Injunction, and Notice of Automatic Stay880K

 

Notices

DateTitleSize
10/30/20092nd Notice to Agent or Broker Regarding the Liquidation of American Keystone Insurance Company and Transition Plan for Selected AKIC Residential Homeowners Policyholders (English Version)60K
10/30/20092nd Notice to Agent or Broker Regarding the Liquidation of American Keystone Insurance Company and Transition Plan for Selected AKIC Residential Homeowners Policyholders (Spanish Version)69K
10/30/2009Notice to Policyholder Regarding the Liquidation of American Keystone Insurance Company and Transition Plan for Selected Residential Homeowners Policyholders (Spanish Version)66K
10/30/2009Notice to Policyholder Regarding the Liquidation of American Keystone Insurance Company and Transition Plan for Selected Residential Homeowners Policyholders (English Version)63K
10/27/2009Notice to Policyholder Regarding the Liquidation of American Keystone Insurance Company and Cancellation of Personal Inland Marine Policies (English Version)59K
10/27/2009Notice to Policyholder Regarding the Liquidation of American Keystone Insurance Company and Cancellation of Personal Inland Marine Policies (Spanish Version)64K
10/27/2009Notice to Policyholder Regarding the Liquidation of American Keystone Insurance Company and Cancellation of Residential Homeowners' Policies with Coverage A Limits of $1 Million or More (Spanish Version)63K
10/27/2009Notice to Policyholder Regarding the Liquidation of American Keystone Insurance Company and Cancellation of Residential Homeowners' Policies with Coverage A Limits of $1 Million or More (English Version)59K
10/26/2009Notice to Policyholder Regarding the Liquidation of American Keystone Insurance Company and Cancellation of Condominium Association Policies (English Version)59K
10/26/2009Notice to Policyholder Regarding the Liquidation of American Keystone Insurance Company and Cancellation of Condominium Association Policies (Spanish Version)63K
10/14/2009Notice to Agent or Broker Regarding the Liquidation of American Keystone Insurance Company (English Version)68K
10/14/2009Notice to Agent or Broker Regarding the Liquidation of American Keystone Insurance Company (Spanish Version)69K