Standard & Poor’s assigned its “R” financial strength rating to First Nevada Insurance Co. (FNIC). S&P took this rating action after learning that Judge Janet Berry of the Second Judicial District Court of the State of Nevada issued an order placing FNIC into liquidation, in response to a motion filed by Nevada Insurance Commissioner Alice A. Molasky-Arman as the court found FNIC to be statutorily insolvent and unable to be rehabilitated. FNIC, licensed only in Nevada, received its certificate of authority as a property/casualty insurer from the Nevada Division of Insurance in June 1995.
Was this article valuable?
Here are more articles you may enjoy.
11 New Firms Join Insurance Journal’s Top 100 Independent Agencies 
At-Bay to Be Acquired by Munich Re for $575 Million 
Jury Finds No Gun Defect, Sides With Sig Sauer in Unintended Discharge Case 
A Landmark Supreme Court Ruling Is Upending How America Moves Its Goods From This Issue
