Standard & Poor’s has 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 is a P/C company licensed in 1995. Its major lines of business are workers’ compensation, private passenger auto liability, auto physical damage, and surety bonds.
Topics California
Was this article valuable?
Here are more articles you may enjoy.
Manufacturers Hammer IBHS Over 15-Year Roof Age Limit for Fortified Designation 
Allstate Q3 Net Income Drops About 45% on Higher Catastrophe Losses 
Nvidia-Backed Fireworks AI Notifies Customers of Its Second Hack in Weeks 
Florida Appeals Court Bars Release of ‘Trade Secret’ Info in Heritage Claims Litigation 
