INSURANCE

3rd Insurer Fails Because of Hurricane Andrew: A third insurance company, Ocean Casualty Insurance Co., was ordered liquidated because of losses resulting from Hurricane Andrew. The Miami-based company, which primarily covered automobiles, has about 21,000 policyholders, and their claims will be paid by the Florida Insurance Guaranty Assn., said Insurance Commissioner Tom Gallagher. The association was created by the Legislature to pay claims against insolvent companies. Gallagher said Ocean Casualty depleted most of its assets after paying more than $12 million in claims for hurricane damage with assistance from its reinsurers.