S&P assigned its “R” FSR to Associated Physicians Insurance Co. (APIC).
APIC was declared insolvent and placed into liquidation on Aug. 16 by the Circuit Court of Cook County, Ill. The agreed order was granted in response to a petition filed by Illinois Director of Insurance, Nathaniel Shapo, based on the insurance department’s finding that APIC’s policyholders’ surplus was impaired by more than $1 million.
APIC began operations in 1987 and is a wholly owned subsidiary of Associated Physicians Capital Inc., an Illinois holding company that is also based in Oak Brook. The company is licensed in nine states, and at year-end 1999, it had policyholders’ surplus of $403,064 and assets exceeding $5 million.
The Illinois Property and Casualty Guaranty Fund will protect the covered claims of Illinois residents.
Topics Illinois
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