AAI Syndicate #1, Ltd.
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Estate Closed
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| Liquidation Date: | February 9, 1999 |
| Claim Filing Deadline: | February 9, 2000 |
| Contingent Claim Deadline: | February 9, 2001 |
| Estate Closed: | December 16, 2005 |
| Docket Number: | 99 CH 1639 |
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Receivership Orders |
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| Historical Data: | |
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An Order of Conservation With a Finding of Insolvency was
entered against AAI Syndicate #1, Ltd. on February 2, 1999. An Agreed Order of Liquidation
With a Finding of Insolvency was entered on February 9, 1999. A member of the Illinois Insurance Exchange
(n/k/a INEX), AAI is a wholly owned subsidiary of AAI Holdings, Ltd., which in turn is principally owned by CMA Holdings.
AAI commenced business in 1987. The syndicate specialized in association/group sponsored programs covering general liability, property and professional liability coverages almost exclusively on a claims made basis, in addition to private passenger automobile liability and ocean marine coverages, in 14 states on an excess and surplus lines basis or non-admitted basis. The claim filing deadline was February 9, 2000, with a contingent claim date of February 9, 2001. 3,351 claims have been filed with the Liquidator. The Liquidator's involvement in litigation with INEX is now resolved. On November 26, 2003, the court entered an order approving the INEX Plan of Distribution. Therefore, the INEX Guaranty Fund's assets are available for distribution on a pro rata basis to the policyholders of all syndicate insolvencies who have covered claims under the INEX Guaranty Fund's plan of operation. Distribution will be made when all other open estate issues are at or near completion. On December 16, 2005, the Supervisory Court entered an order approving the Liquidator's plan for a final distribution of AAI's assets to priority level (d) claimants, terminating the AAI liquidation proceedings and closing the estate. Last updated July 2009. |
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