HIALEAH, FL – Florida CFO Alex Sink visited Ascendant Commercial Insurance in Hialeah, where her efforts last month helped keep over 85 local residents employed after the court liquidated their former employer. CFO Sink’s effort to keep these jobs prevented a drain of an estimated $7 million from the local economy already facing 15.4 percent unemployment, according to the Florida Agency for Workforce Innovation.

“Nothing is more important in these tough economic times than keeping jobs in our state and supporting our communities,” said CFO Sink. “By utilizing an innovative, business-like approach, we were able to save these jobs, support private business, and help Florida ’s insurance consumers at the same time.”

While visiting Ascendant, CFO Sink met with employees and their families during an employee appreciation breakfast to thank them for their hard work and talk with them about what it meant to be able to stay employed after the transition.

On August 24, 2009, First Commercial Insurance Company was ordered into liquidation by the Leon County Circuit Court.  CFO Sink’s Department of Financial Services was appointed as receiver and successfully negotiated a transition plan for Ascendant to employ many of the former employees of First Commercial and offer replacement policies to First Commercial policyholders.  In addition to saving over 85 jobs, CFO Sink’s department was able to protect approximately 15,000 Florida policyholders by successfully negotiating the transition plan.

Source: Florida Dept. of Financial Services