Geneva Assurance Syndicate, Inc.
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Estate Closed
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| Liquidation Date: | July 11, 1996 |
| Claim Filing Deadline: | July 11, 1997 |
| Contingent Claim Deadline: | July 13, 1998 |
| Estate Closed: | December 2, 2005 |
| Docket Number: | 96 CH 5093 |
| Additional Links: | |
Receivership Orders |
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| Historical Data: | |
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An Order of Conservation was entered against the Geneva Assurance Syndicate, Inc. on May 17, 1996. A member of the Illinois Insurance Exchange
(n/k/a INEX), Geneva was placed into liquidation on July 11, 1996 by an Agreed Order of
Liquidation With a Finding of Insolvency. Geneva is a wholly owned subsidiary of the United Southern Assurance Company (Melbourne, FL), currently in liquidation,
which in turn is owned by JBW and Company, Inc. (Concord, CA). Originally incorporated as NUA Syndicate, this company commenced business in 1985. The name was changed to LUI Insurance Syndicate Inc. in 1986. In 1990, the syndicate was purchased by Geneva International Management Inc. and the present name was adopted. A second syndicate, LUI Syndicate Number Two, owned by the same company, adopted the name Geneva Underwriting Syndicate. In 1993, current ownership acquired the holding company. Both syndicates were merged in 1994, with Geneva Assurance being the surviving entity. Prior to its being placed in liquidation, Geneva wrote direct business under various program of commercial casualty and property coverages on an excess and surplus lines or non-admitted basis in at least 56 jurisdictions. Geneva also assumed a book of business in its capacity as a reinsurer. The claim filing deadline was July 11, 1997, with the contingent claim date being July 13, 1998. By court order, the claim filing deadline was extended for a certain class of claimants to April 13, 1998. The contingent claim date for these claimants was extended to April 12, 1999. 2,022 claims were filed with the Liquidator. A civil RICO complaint was filed against certain former directors, officers and affiliated companies. Settlements have been reached with all defendants, and the case was dismissed. 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 Guaranty Fund's plan of operation. Distribution will be made when all other open estate issues are at or near completion. On December 2, 2005, the Supervisory Court entered an order approving the Liquidator's plan for a final distribution of Geneva's assets to priority level (d) claimants, closing the Geneva estate and terminating the liquidation proceedings. Last updated July 2009. |
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