American Horizon Insurance Company
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Estate Closed
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Welcome to the webpage for
American Horizon Insurance Company. On July 11, 2002, American
Horizon 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 American Horizon
Insurance Company: |
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| Liquidation Date: | July 11, 2002 |
| Claim Filing Deadline: | July 11, 2003 |
| Contingent Claim Deadline: | July 12, 2004 |
| Estate Closed: | September 30, 2009 |
| Docket Number: | 02 CH 12796 |
| Related Documents: | |
Financial Statements and Independent Auditors' Report 2008 |
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| Latest News: | |
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On September 30, 2009, the Supervisory Court
entered an Order approving the Liquidator's Application for a prorated
final distribution on timely filed claims allowed at level (d) of the
statutory distribution schedule. The court's order further
approved a dividend rate of 25.2440% for the final distribution,
dissolved American Horizon's corporate charter and terminated the
liquidation proceedings. See
Receivership Order
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| Historical Data: | |
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American Horizon was a
wholly owned subsidiary of American Horizon Holdings, Incorporated, a
Delaware domiciled insurance holding company. The company commenced
operations in June 1999 when American Horizon Holdings, Inc., acquired
Arcadia General Insurance Company. The current name was adopted in
conjunction with that transaction. The company was licensed in 13
states, concentrating its writing primarily in private passenger
automobile coverages. Originally domiciled in Arizona, American Horizon
Insurance Company re-domesticated to Illinois on December 21, 2001, and
simultaneously merged with American Horizon Property and Casualty
Insurance Company, an Illinois domestic affiliate. American Horizon
Insurance Company was the surviving entity. The company went into runoff
in June 2001, and wrote no new business during 2002. On July 11, 2002, an Agreed Order of Liquidation with a Finding of Insolvency was entered against American Horizon Insurance Company. The action was taken following the Department of Insurance’s determination that the company was insolvent by more than $2.5 million, and in concurrence with the March 31, 2002, financial statement filed by the company indicating a negative policyholder surplus of $2.8 million. The claim filing deadline was July 11, 2003, with a contingent claim date of July 12, 2004. Early access distributions totaling $2,125,172 have been made to various Guaranty Funds for administrative expenses. On June 25, 2009, Based upon best estimates and barring any unforeseen circumstances, the Special Deputy Receiver expects to close this estate in the third or fourth quarter of 2009. A final, partial dividend distribution within the range of 20% - 24% will be made on claims allowed at the policyholder priority level (d) of the Illinois statutory distribution scheme. This good faith estimate is based upon information available and the circumstances known at the time that it was made. Before basing any decisions on this estimate, be aware that the underlying facts and circumstances are subject to change. Last updated September 2009. |
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