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Wave of layoffs begins at insolvent Universal Health Care

State regulators laid off the first wave of Universal Health Care employees at its downtown St. Petersburg headquarters Monday, with hundreds more expected to lose their jobs by week's end.

The Florida Department of Financial Services is liquidating the St. Petersburg Medicare insurer by April 1, placing its 140,000 members with other health plans.

Last month, a state investigation found Universal virtually insolvent and accused its management of fraud, diversion of funds and other financial mismanagement.

The investigation is ongoing.

The first group of layoffs largely targeted the remaining sales staff, according to multiple employees exiting the building Monday.

Most of the approximately 800 Universal Health Care workers are expected to lose their jobs, with only a small staff kept on into April.

Wave of layoffs begins at insolvent Universal Health Care 03/25/13 [Last modified: Monday, March 25, 2013 10:59pm]
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