United Capitol Insurance Company
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Welcome to the webpage for United Capitol Insurance Company. On
November 14, 2001, United Capitol Insurance Company was ordered into
liquidation, and
the Director of Insurance was affirmed as Receiver. By Illinois
law, the Director may appoint a Special Deputy Receiver to administer
the receivership. By power of attorney, Patrick D. Hughes is the
Special Deputy Receiver to Director Michael T. McRaith, and the Office of the Special Deputy Receiver
handles the day-to-day administration of the liquidation proceedings
under the direction of the Special Deputy, subject to the ultimate
authority of the Director and to court supervision. Here is
additional information on United Capitol Insurance Company: |
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| Liquidation Date: | November 14, 2001 |
| Claims Filing Deadline: | November 14, 2002 |
| Contingent Claims Filing Deadline: | November 14, 2003 |
| Docket Number: | 01 CH 14957 |
| Related Documents: | |
Financial Statements and Independent Auditors' Report 2008 |
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| Good Faith Estimate: | |
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Based upon
our best estimates and barring any unforeseen circumstances, the Special
Deputy Receiver anticipates making a substantial dividend distribution
in 2010 on claims allowed at policyholder priority level (d) of the
Illinois statutory distribution scheme. As soon as deemed appropriate,
information regarding the timing and amount of the distribution will be
posted on our website. These good faith estimates are based upon
information available and the circumstances known at the time that they
were made. Before relying on these estimates in making any decisions, be
aware that the underlying facts and circumstances upon which they are
based are subject to change. (Posted 12/01/2009). |
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| Historical Data: | |
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On September 12, 2001, United Capitol Insurance Company, an Illinois domestic property and casualty company, was placed under an Order of Conservation. An Order of Liquidation with a Finding of Insolvency was entered on November 14, 2001. United Capitol is a wholly owned subsidiary of United Capitol Holding Company, Inc., a Delaware insurance holding company, which is in turn wholly owned by Frontier Insurance Company of Rock Hill, New York. Frontier was placed into rehabilitation by the New York Department of Insurance on August 27, 2001. Both companies are members of the Frontier Insurance Group. United Capitol was originally incorporated in February 1981 as the Great Southwest Surplus Lines Insurance Company. The current name was adopted in June 1986, and the company was acquired by the Frontier Insurance Group through its subsidiary Frontier Insurance Company in May 1996. The company is licensed in three states (AZ, IL and WI), and operated on a surplus line or a non-admitted basis in D.C., Puerto Rico, the U.S. Virgin Islands and all other states. The claim filing deadline was November 14, 2002, with a contingent claim date of November 14, 2003. Early access distributions totaling $3,926,197 have been made to the various guaranty funds for administrative expenses and claim payments. A complaint against the former directors and officers of the company alleging breach of fiduciary duty and reckless mismanagement was settled for $6,250,000. Last updated July 2010 |
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