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Resure Inc. was placed in conservation on February 18, 1997.
On February 27, 1997, the Cook County Circuit Court issued an Agreed
Order of Liquidation with a Finding of Insolvency for this company,
which is a member of the Illinois Insurance Exchange (a/k/a INEX).
Resure was owned by Talon Re Holdings, Inc., which acquired its
ownership on December 31, 1993, through a merger with the former owner,
Talon Re, Inc. The syndicate, which commenced business in 1985, wrote
primarily contractors general liability coverages and owners, landlords
and tenant liability coverage in 43 jurisdictions on an excess and
surplus lines or non-admitted basis.
The claim filing deadline was February 27, 1998, with a
contingent claim date of March 1, 1999. A total of 22,216 proof of claim
forms were mailed to potential claimants. A total of 4,864 proofs of
claims were filed with the Liquidator.
The INEX Guaranty Fund is in the process of formulating
a plan which will determine the amount of funds available from the Fund
for distribution to the claimants of not only Resure, but also the other
5 INEX syndicates in liquidation.
On December 19, 2002, the court supervising the Resure
liquidation entered orders authorizing the Liquidator to distribute all
remaining assets of Resure, less a small post closing reserve, and
closing the estate.
Distribution checks totaling $13,030,151.00 representing
70.2494% of all approved level (D) claims were mailed on December 31,
2002.
Additional distributions may be made by the INEX
Guaranty Fund. Questions regarding this Fund should be referred to INEX THEINEX.com
or 1-800-525-8471
On August 21, 2006, the Liquidator's petition for
approval to reopen the liquidation proceedings, approve a supplemental
priority level (D) distribution of 1.0212% of the outstanding fixed
claim value (bringing the total priority level (D) distribution to
70.5532%) and to terminate the liquidation proceedings and to re-close
the estate was approved.
Last updated July 2009.
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