Florida Insolvent Insurer Owners Hit with $76 Million Verdict

The former owners of Aries Insurance Co. are on the hook for millions after a Miami-Dade District Court found them guilty of diverting funds for personal use.

Florida CFO Jeff Atwater said that a Miami-Dade Circuit Court entered a $76 million judgment against former Aries owner Marcos Fraynd and his children Paul Fraynd, Saul Fraynd and Fanny Fraynd.

Aries was declared insolvent in 2002, leaving behind roughly 58,000 policyholders and creditors with unpaid claims. The Florida Insurance Guaranty Association and the Florida Workers’ Compensation Insurance Guaranty Association have already paid out more than $165 million to Aries claimants.