Louisiana’s Office of Motor Vehicles reminds drivers whose vehicles are insured by Affirmative Insurance or Affirmative Casualty Insurance that they need to have new coverage by 11:59 p.m. Wednesday. Otherwise, says Commissioner Karen G. St. Germain, they could face a …
A.M. Best has downgraded the financial strength rating to E (Regulatory Supervision) from C- (Weak) and the issuer credit rating to “rs” from “cc” of Interstate Bankers Casualty Co. (Interstate Bankers) of Chicago, Ill. The rating actions reflect Interstate Bankers …
The Missouri Department of Insurance announced the conclusion of the legal cases of two insurance companies that went into receivership due to insolvency. A Cole County judge ordered Transit Casualty Co. into receivership in November 1985. It is Missouri’s second-longest …
Financial conditions at Missouri’s Barton County Mutual Insurance Co. are strong enough that the company can be released from state oversight, a judge has ruled. A Barton County judge has granted a motion by the department of insurance to release …
Home Value Insurance Co. was ordered into rehabilitation by an Ohio court on Aug. 31, 2012, and has been prohibited from selling insurance in the state due to its failure to maintain minimum capital and surplus. The insurer, which originally …
In the past 12 years, only eight reinsurers have been declared insolvent despite paying claims of more than $150 billion from events including the World Trade Center attacks, hurricanes Rita, Wilma and Katrina, the Great Tohoku earthquake, and the Thailand …
The former owners of Aries Insurance Co. are on the hook for millions after a Miami-Dade District Court found them guilty of diverting funds for personal use. Florida CFO Jeff Atwater said that a Miami-Dade Circuit Court entered a $76 …
Two Florida insurers are facing regulatory action as the state’s Office of Insurance Regulation (OIR) ordered commercial insurer AequiCap Insurance Co. into liquidation and suspended the license of insurer Seminole Casualty Insurance Co. The Fort Lauderdale-based AequiCap was taken over …
A Tennessee judge has set May 16 as the final date to resolve all outstanding claims against three insolvent risk retention groups that were closed in 2003 after the failure of their Virginia reinsurer, Reciprocal of America. Three Tennessee companies …
