Commissioner Harry W. Low announced today the conservation of Sable Insurance Company, due to its insolvency. Sable, which is domiciled in California and headquartered in San Francisco, is a wholly owned subsidiary of Sable Insurance Holding Company. Sable Insurance Holding Company’s stock is owned by Reliance National Indemnity Company, which is part of Reliance Group Holdings.
The company has not been accepting new business since January 2001 and has been conducting run off operations since that time. The majority of Sable’s business was conducted in California. Sable operated in other states as well, including Delaware, Georgia, Illinois, Indiana, Maryland, Michigan, Missouri, Montana, Nebraska, Nevada, North Dakota, Ohio, Pennsylvania, and West Virginia. The company underwrote workers’ compensation and commercial lines.
The California Department of Insurance relied upon a recent financial examination report of the company as the basis for requesting a Conservation Order from the Superior Court of San Francisco. The financial examination confirmed the company is insolvent by more than $12.9 million. Sable is owed significant amounts of money from Reliance Insurance Company, which has been subject to an Order of Supervision by the Pennsylvania Department of Insurance. Prospects for recovering any or all portions of the amount due from Reliance Insurance Company are considered doubtful.
Topics California
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