The Franklin County [Ohio] Court of Common Pleas granted an order on Feb. 28 placing Acceleration National Insurance Company, an Ohio-domiciled property and casualty company based in Simsbury, Conn., into liquidation. The company had been in court-ordered rehabilitation since Nov. 29, 2000. In its Sept. 30, 2000, financial filing, Acceleration National reported surplus of less than $750,000, which falls below the required statutory minimum surplus amount. Court approval of the liquidation triggers state guaranty association funds to cover benefit payments to Acceleration National insureds. Acceleration National primarily wrote commercial automobile coverages to the common carrier industry, but stopped accepting new insurance risks in July 1999.
Was this article valuable?
Here are more articles you may enjoy.
WTW Sues Former Yacht Team, Howden US Over Defection 
Half of Pilots Killed in US Accidents Tested Positive for Drugs 
Small Plane Crash Near Austin Caused by Inflight Breakup, Report Finds 
Acrisure to Cut 2,250 Employees, Citing Advances in Technology and AI From This Issue
