The California Department of Insurance (CDI) issued a seizure order this morning for Superior National Insurance Group, one of California’s largest workers’ compensation carriers.
According to the CDI, financial examinations of Calabasas-based Superior National revealed that the insurer was in “hazardous financial condition” and “severely under reserved.” The Group had assets of $730 million and premium income of $240 million in 1999.
Four of the five companies that comprise the Superior Group have been seized: California Compensation Insurance Company, Combined Benefits Insurance Company, Superior National Insurance Company and Superior Pacific Casualty Company.
The CDI will seek a Conservation Order for Superior National in Los Angeles and Sacramento Superior Courts on March 6.
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