Standard & Poor’s has assigned its ‘R’ financial strength rating to National Automobile & Casualty Insurance Co. after learning that California Insurance Commissioner Harry W. Low put the company into conservation because of its insolvency. National Auto’s Dec. 31, 2001, annual statement reported that the company was insolvent by about $1.6 million. The conservation order was obtained from the Los Angeles Superior Court.
The company, a property/casualty insurer specializing in private passenger auto, automobile liability and physical damage, and homeowner insurance, is licensed in Arkansas, Arizona, California, Indiana, Missouri, Nevada, Texas, and Washington.
As conservator, the commissioner preserves and protects the assets of the company for the benefit of policyholders, creditors, and shareholders. The Conservation & Liquidation Office (CLO) will be responsible for operations of the company.
Was this article valuable?
Here are more articles you may enjoy.
Hellman & Friedman Explores Sale of Applied Systems at Up to $10B, Sources Say 
Musk’s Boring Co. Working on Tunnel to Link Austin and San Antonio 
Florida OIR Approves Four More HO Rate Cuts as Citizens Keeps Shrinking 
Cleared of Charges, NJ’s Norcross Sues Inquirer, Editor for $100M in Defamation Suit 
