Alliance General Insurance Company
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Welcome to the webpage for
Alliance General Insurance Company. On January 7, 2000, Alliance
General 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 Alliance General
Insurance Company: |
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| Liquidation Date: | January 7, 2000 |
| Claim Filing Deadline: | January 8, 2001 |
| Contingent Claim Deadline | January 8, 2002 |
| Docket Number: | 00 CH 00293 |
| 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
closing this estate in the first quarter of 2010. A final, partial
distribution within the range of 66-68% is anticipated on claims allowed
at general creditor level (g) of the Illinois statutory distribution
scheme. These good faith estimates are based upon information
available and the circumstances known at the time they were made.
Before relying upon these estimates in making any decision, be aware
that the underlying facts and circumstances upon which they are based
are subject to change. (Updated January 8, 2010) |
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| Historical Data: | |
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A wholly owned
subsidiary of Alliance Insurance Group, Inc., the company was
incorporated in 1984 and began business on January 1, 1985. Alliance
operated on a licensed basis in Illinois and on an excess and surplus
line basis in 39 other states and the Virgin Islands. Alliance wrote
commercial liability and property liability exposure. Prior to being
placed into liquidation, Alliance General Insurance Company’s last
financial statement reflected approximately $13.7 million in direct as
well as assumed reinsurance premiums for the period ending December 31,
1998. No new direct business was written after the third quarter of
1998. An Agreed Order of Liquidation with a Finding of Insolvency was entered against Alliance General Insurance Company on January 7, 2000. The claim filing deadline was January 8, 2001, with a contingent claim date of January 8, 2002. The Liquidator filed a lawsuit against certain former officers and directors of Alliance and its outside auditors, alleging, among other things, negligence and breach of duty. A final settlement was reached with one of the defendants for $2,750,000. Settlement was also reached with the officers, directors and owners for $5,000,000. The suit against the outside auditors was settled for $10,000,000. The Liquidator’s suit against one remaining defendant was settled in 2007. Early access distributions totaling $1,453,137 have been made to the Illinois Insurance Guaranty Fund for administrative expenses and claim benefits. On September 22, 2008, an order was entered approving the Liquidator’s plan to distribute 100% dividend to all claimants whose timely-filed claims are allowed at priority level “d” of the statutory priority schedule. $16,622,605 was distributed. Last updated January 2010 |
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