insolvency News

Update: NYC’s Largest Cab Insurer Ordered to Explore Sale After Losses

New York’s insurance regulator ordered American Transit Insurance Co. to immediately find capital and explore a sale in a damning report laying out its severe financial condition. The report laid out dozens of potential financial improprieties and accounting problems at …

New York Regulator Orders Taxi Insurer to Weigh Sale After Losses

New York’s insurance regulator issued a damning report laying out the severely flawed financial condition of New York’s largest insurer of taxis and for-hire vehicles, as well as dozens of potential financial improprieties and accounting problems, warning that the consequences …

Arkansas’ United Home Placed In Receivership

Arkansas’ United Home Insurance was placed in receivership by the Pulaski County Circuit Court on September 6. Arkansas Insurance Commissioner Alan McClain was appointed receiver. United Home consented to the receivership for the purpose of its rehabilitation. The receivership does …

Kansas’ MutualAid eXchange Declared Insolvent, Placed into Liquidation

The District Court of Shawnee County, Kansas has declared MutualAid eXchange (MAX) insolvent, and the company has been placed into liquidation pursuant to a petition filed by the Commissioner of Insurance. The court ruled MAX to be insolvent on August …

UK Law Firm Ince to Seek Sale, Amid Cash Concerns, Delays in Reporting Results

Legal and professional services firm Ince Group Plc plans to enter administration and pursue a sale of the company, it said on Wednesday, amid cash concerns and repeated delays in reporting its financial results. Ince’s directors applied to London’s High …

Florida Commercial Insurer Capacity Insurance Now in Runoff, OIR Order Says

Less than a year after it announced it would stop writing new business in Florida, commercial carrier Capacity Insurance has been placed under administrative supervision and is now in an orderly runoff. The Florida Office of Insurance Regulation said in …

Kentucky Governor Signs Bill: Guaranty Fund Won’t Pay Claims from Self-Insurers

Kentucky’s governor this week signed into law a bill that seeks to make one thing perfectly clear: The Kentucky Insurance Guaranty Association will not pay claims from defunct self-insurers that are not members of the association. “The new law basically …

Louisiana Commissioner Giving Incentive to Insurers Taking UPC Policies

Louisiana Commissioner Jim Donelon is notifying property/casualty insurers that they will receive credit toward the Insure Louisiana Incentive Program’s grant requirements for assuming United Property & Casualty Insurance Co. policies before they are canceled by the Florida judicial system on …

Orderly Runoff Didn’t Work; Florida’s United P&C Now Insolvent, Headed for Liquidation

Just days after some 90,000 policies from troubled United Property & Casualty Insurance Co. were transferred to Slide Insurance as part of a wind-down of the carrier, it was announced that UPC is officially broke and will soon be liquidated. …

Florida Restructure Plan Didn’t Take: FedNat Insurance Deemed Insolvent

Despite monitoring by Florida regulators, cancellation of more than 56,000 policies, and an extensive restructuring plan this year, FedNat Insurance Co. is now insolvent and must be liquidated – the sixth Florida property insurer this year to throw in the …