Top Flight Insurance Co. of Norman, Okla., is slated to acquire the nonstandard auto book of business from Oklahoma City-based Republic Casualty Insurance Co., which has been in receivership since Dec. 2000. According to Best Wire, Top Flight will pay $80,000 for the business; its owners already have a 49 percent stake in Republic Casualty. Oklahoma Department of Insurance spokesman David Meuser said Top Flight had no active books of business in the state prior to this purchase. Republic Casualty was approved for receivership as part of its five-year liquidation process by the Oklahoma County District Court, which allows Insurance Commissioner Carroll Fisher to tap a state guaranty fund to pay up to $4 million in Republic Casualty claims. Meuser said Republic Casualty had about $400,000 in cash on hand in December. He added that with its purchase, Top Flight will take over payment of any new claims. Licensed in 1996, Republic Casualty had about 10,000 nonstandard auto insurance policyholders as of Dec. 14.
Was this article valuable?
Here are more articles you may enjoy.
CBIZ Brokerage to Be Spun Off, Backed by Private Equity, After $5B Grant Thornton Deal 
Brown & Brown Estimates Cost of Howden-Driven Talent War Could Hit $60M in 2026 
UBS Fined $125M by US Regulators for Money Laundering Violations 
Why El Niño’s Promise of Quieter Hurricane Season May Not Be Good News for Insurers From This Issue
