Collapse: Aries Insurance fell apart very quickly--and very expensively. State investigators are probing why. (Insurance). Florida Trend | February 1, 2003| | COPYRIGHT 2003 Trend Magazines, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information) Copyright

When Jerry Service heard that state Insurance Department officials had been unable to keep Aries Insurance Co. in business late last year, he wasn't too concerned at first. Service, general manager of the Florida Insurance Guaranty Association, which pays the bills of insolvent carriers, figured the auto insurer's unpaid claims would be somewhere in the neighborhood of $20 million--a sum that the guaranty association could handle easily.

Instead, as he learned later, the cost of the insolvency is likely to be closer to $140 million, making Miami-based Aries one of ...

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