A.M. Best Co. reported it has downgraded the financial strength rating to F (In Liquidation) from D (Poor) and issuer credit rating to “rs” from “c” of Constitutional Casualty Co., based in Chicago.
On Jan. 7, 2011, Illinois Director of Insurance Michael McRaith filed a request for liquidation of the company, which was granted on Jan. 21, 2011, by the Circuit Court of Cook County Illinois.
The Agreed Order of Liquidation, with a finding of insolvency against Constitutional Casualty, triggered the protection of the Illinois Insurance Guaranty Fund in accordance with the provisions of the Illinois Insurance Guaranty Fund Act.
Constitutional Casualty offered personal and commercial lines of insurance. It was founded in 1956 under the name of Institutional Insurance Company of America, which was changed in 1972 to Constitutional Casualty.
All policies were cancelled as of Feb. 20, 2011.
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