Florida Underwriter Magazine Shuts Down

The Florida Underwriter magazine has published its last issue.

“Unfortunately, the double demons of our state’s falling economy and the dominance of the Internet over print products have brought us to this difficult decision. This will be the magazine’s final issue,” Joan E. Collier, editor-in-chief, wrote to readers in the December issue.

The magazine has been publishing for 27 years.

The publication is part of Summit Business Media Holding Co., which filed for bankruptcy protection in January when it was $252 million in debt.

At the time of its bankruptcy filing, the company blamed its financial problems on the recession, downturns in some of the sectors it serves, and an acquisition binge that started in 2006. It also cited challenges in publishing as the industry moves from traditional print to digital offerings.

In May, the United States Bankruptcy Court for the District of Delaware approved a plan of reorganization for Summit Business Media Holding Co., parent of The National Underwriter Co. , the Florida Underwriter and other publications. The plan cut $140 million of the firm’s debt.

In September, Summit announced it had sold its insurance financial information unit, Highline Data, to SNL Financial.

In October, the company announced it was searching for a new CEO to replace Andrew Goodenough.

Topics Florida Underwriting