Pennsylvania Insurance Commissioner M. Diane Koken announced that the Commonwealth Court has approved her petitions for Orders of Rehabilitation for Legion Insurance Company and Villanova Insurance Company, both located in Philadelphia. The companies will be placed in rehabilitation starting April 1.
Koken remarked that the office is taking the actions with the consent of the companies, in a move to stop further financial deterioration of the insurance companies and to see that policyholders are protected.
No new policies will be bound and the Legion Companies will begin a process to non-renew their in-force policies in accordance with applicable state regulations.
Headquartered in Philadelphia, both companies are part of the Legion Insurance Group. Legion Insurance Group, composing $1.3 billion in admitted assets, is owned by Mutual Risk Management Ltd.
Transacting business in all 50 states, The Legion Group writes mostly commercial insurance products, including workers’ compensation, medical malpractice, general liability, group accident and health, along with property coverages. A major part of the group’s business includes structuring self-insured programs for both mid-sized corporations and associations.