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American Guaranty Fund Group, Inc.

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The American Guaranty Fund Group, Inc. (AGFG) was created in 2004 to function as the management company for the Florida Insurance Guaranty Association, Inc. (FIGA) and the Florida Workers' Compensation Insurance Guaranty Association, Inc. (FWCIGA), entities created by statute to pay the claims of insolvent insurers. The formation of AGFG was initiated, in part, to gain efficiencies through the consolidation of executive management for FIGA and FWCIGA. The consolidation results in cost savings for each of the individual guaranty funds, provides consistency in processes and reduces redundancies. AGFG is organized and operated as a not-for-profit corporation under the laws of the State of Florida and is headquartered in Tallahassee.

AGFG is owned and controlled equally by FIGA and FWCIGA and is under the supervision, control and direction of the Board of Directors. The AGFG Board is comprised of three members of the FIGA Board and three member of the FWCIGA Board. The AGFG Board includes the chair of the FIGA and FWCIGA boards along with two other members from each board. The Chair of the AGFG Board alternates between FIGA and FWCIGA on an annual basis. AGFG Board members are not compensated; however, expenses of attendance are reimbursed.

AGFG provides management and claim supervisory services to FIGA and FWCIGA, pursuant to a management services contract. AGFG assists FIGA and FWCIGA in the discharge of their statutory responsibilities to handle promptly and efficiently covered claims against insolvent insurers and insurer organizations. Operating costs of AGFG, other than direct costs attributable to FIGA or FWCIGA, are distributed between FIGA and FWCIGA based on an annually approved allocation plan. Contractual duties and responsibilities of AGFG include the following:

  • Annual budgeting and budget monitoring

  • Oversight and preparation of claims reporting to the Boards

  • Annual, Quarterly, and Monthly financial statement reporting

  • Coordination of FIGA and FWCIGA staff and receivers of insolvent insurers

  • Developing best practices relating to claims and claim data

  • Attending FIGA and FWCIGA Board meetings

  • Recommending and implementing assessments levied by the Boards

  • Managing day to day operations in accordance with Parts II and V, Chapter 631 and the FIGA and FWCIGA plans of operation

  • Making recommendations for outside professional and advisory services

  • Hiring and retaining FIGA and FWCIGA staff