AMERICAN SUPERIOR UNLIKELY TO RECOVER, SAY STATE OFFICIALS

Florida-based insurer American Superior, which entered voluntary state rehabilitation on Wednesday, is unlikely to recover, state officials said yesterday. Office of Insurance Regulation spokesman Bob Lotane said that the company had a large amount of exposure in the Florida panhandle, the one part of the state to be hit by hurricane Ivan, and that it had pending claims that exceeded the $6m in capital that it had available. If the company uses all its assets, claims of up to $300,000 per policy would be covered by the Florida Insurance Guaranty Association.