S&P assigned its “R” financial strength rating to Alistar Insurance Co. after learning that the California Department of Insurance applied for and was granted a conservation order for the company by the Fresno County Superior Court. The Conservation and Liquidation office took over Alistar’s operations on April 11, due to the company’s insolvency. According to Alistar’s annual statement filed on March 31, it has policyholders’ surplus of about $939,000, which is less than the unimpaired minimum capital of $1,950,000 required for the classes of insurance it is licensed to transact. In addition, the company is under-reserved by about $4 million. In the past weeks, the Department of Insurance has been working with the company to review a rehabilitation proposal. Based in Fresno, Alistar’s major lines of business are workers’ compensation, private passenger auto liability, auto physical damage and surety bonds.
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Sources: US Treasury to Consult With Insurance Regulators on Private Credit Lenders From This Issue
