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To: Shoot1st who wrote (764075)	6/19/2022 8:31:37 PM
From: i-node	Respond to of 794298

This kind of loss excess makes no sense.

To: Shoot1st who wrote (764075)

6/19/2022 9:24:56 PM

From: isopatch

1 Recommendation

Recommended By
SirWalterRalegh

Read Replies (1) | Respond to of 794298

Your background is Insurance. Mine is the financial markets, including a lot of bond work when a broker with Merrill Lynch for 6 yrs.

Where's the <premium flow> & corp cash flow you're talking about when an Insurer goes bankrupt? BK court arranges liquidation of co. assets to pay creditors which include policy holder claims. The bond portfolio is part of that asset pool. Bonds are sold.

<Bankruptcy of insurance and reinsurance companies in the United States

2/14/2019

atlas-mag.net

The word “bankruptcy” scares everywhere except in the United States where it is not perceived as a failure but rather as a hiccup. Debts are written off and a new chance is granted to the company to start anew.

Deeply rooted in American business, bankruptcy is an old practice that dates back to 1800. The United States have, therefore, seen numerous groups and jewels of their economy such as AIG, General Motors or Lehman Brothers collapse in the heat of financial scandals.

Several dozens of insurance companies, including big names in the business, have gone bankrupt in the United States in the course of the recent 30 years.

Bankruptcy of AIG case.

AIG was seriously affected by the 2008 financial crisis. Under the pressure of the authorities that questioned some of the group’s practices, the group’s board of directors was pushed to part ways with its historic president Maurice Greenberg on duty for 35 years.

AIG was bailed out by American Federal Reserve (FED) which had to intervene on various occasions to inject the total amount of 205 billion USD. A drastic restructuring plan was then imposed on the group which was compelled to cede a large number of non-strategic assets including subsidiaries Alico in the United States and AIA in Asia.

Related article:

AIG, between bankruptcy and recovery
Bankruptcy of Conseco

Conseco, an insurance company set up in 1979, was estimated at 61.4 billion USD upon its bankruptcy in 2002.

Due to bad investments, including the acquisition of numerous companies in the 1990s, in particular Green Tree Financial, the company was pushed to bankruptcy.

Bankruptcy of Executive Life Insurance Company

Executive Life Insurance Company is regarded to be the biggest bankruptcy of an insurance company in the United States in the course of recent years.

Based in California, the life company had to file for bankruptcy in 1991 following disastrous investments in junk bonds.

Back then, it was the biggest bankruptcy of an insurance company.

List of major bankruptcies of insurance companies in USA

Wind-up date. Date of creation. Company. Class of business. Headquarters

March 2017	1954	Penn Treaty Network America Insurance Company and its subsidiaries among which American Network Insurance Company	Life	Pennsylvania
December 2016	1964	American Medical and Life Insurance Company	Health, life and accident	New York
February 2015	2012	CoOportunity Health	Life and health	Iowa
January 2015	2008	SeeChange Health Insurance Company	Health	California
August 2013	-	Executive Life Insurance Company of New York	Life	New York
May 2013	1912	Lumbermens Mutual Casualty Company	Health	Illinois
April 2013	2006	Universal Health Care Insurance Company, Inc.	Accident and Health	Florida
July 2012	1934	Standard Life Insurance Company of Indiana	Life	Indiana
January 2011	1925	Golden State Mutual Life Insurance Company	Life, accident and health	California
November 2010	1964	National States Insurance Company	Accident and health	Missouri
May 2010	1923	Booker T. Washington Insurance Company	Life, accident and health	Alabama
June 2006	1996	Southern Family Insurance Company	Non life	Florida
July 2003	-	Legion Insurance Company	Non life, health	Philadelphia
February 2002	-	PHICO Insurance Company	Health, workmen's compensation	Harrisburg
October 2001	1817	Reliance Insurance Company	Life and non life	Philadelphia
July 2003	1978	Fremont Indemnity Insurance Company	Health, workmen's compensation	Los Angeles, California
September 2000	1914	California Compensation Insurance Company	Non life	San Francisco
February 1987	1985	Mission Insurance Company	Non life	San Francisco
March 1989	-	American Mutual Liability Insurance Company	Non life	Framingham
August 1986	-	Midland Insurance Company	Non life	New York
December 1985	-	Transit Casualty Insurance Company	Non life	Jefferson City