Standard & Poor’s assigned its “R” financial strength rating to Western Specialty Insurance Co. in recognition of an order of liquidation issued by the Cook County Circuit Court in Illinois on May 6. Western Specialty’s active business was to be canceled within 31 days from the date of entry into the order of liquidation, on the policy’s expiration date, or when the insured person cancels the policy, whichever takes place first.
Western Specialty is a subsidiary of Western Holdings Inc. The company originally commenced operations in 1986 underthe name Oak Brook Property & Casualty Insurance Co., which was placed in liquidation in 1996.
Major lines of business include commercial multiple peril, workers’ compensation, other liability and private auto. The company is licensed in California and Illinois.
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