Standard & Poor’s Ratings Services assigned its “R” financial strength rating to Bossier City, La.-based Patterson Insurance Co. as a result of the company’s ongoing liquidation. Patterson was placed into liquidation on March 17, 2003, by the 19th Judicial District Court, East Baton Rouge Parish, La.
S & P’s credit analyst Ovadiah N. Jacob explained that the Louisiana regulator initiated the liquidation process amid uncertainty over the value of Patterson’s fixed assets, which backed the companies claims and policies. “Claims filed as a result of Hurricane Lili and Tropical Storm Isidore,” also influenced the decision to liquidate, Jacob stated.
Prior to the liquidation order, the company was put under conservation and ordered to cease writing policies in December 2002.
Patterson was a property/casualty insurer doing business in Louisiana, Arkansas, Mississippi, and Texas. As of December 2002, the company had 29,000 policyholders.
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