Coronet Insurance Company
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Welcome to the webpage for Coronet Insurance Company. On December 24, 1996, Coronet 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 Coronet Insurance Company: |
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| Liquidation Date: | December 24, 1996 |
| Claim Filing Deadline: | December 24, 1997 |
| Contingent Claim Deadline: | December 24, 1998 |
| Docket Number: | 96 CH 13422 |
| Related Documents: | |
Financial Statements and Independent Auditors' Report 2008 |
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| Real Estate Sales: | |
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Among the assets owned by Coronet Insurance Company is title to certain vacant real property located in Spring Green, Wisconsin. Spring Green is located in the scenic Wisconsin River Valley, thirty-five miles west of Madison. The property consists of sixty-eight individual residential lots which sit adjacent to and around the House on the Rock Resort and Golf Course. The lots vary in size averaging about one-acre each. Half of the lots are ready to be developed having paved roads and underground utilities (water, sewer, natural gas, telephone and electricity). The remaining lots are mainly wooded, but do have access to the underground utilities. In addition to the golf course and resort, the area has several other well known attractions such as The American Players Theatre, Frank Lloyd Wright’s Taliesin, the House on the Rock and the Wisconsin Dells. The lots are for sale, preferably in-bulk, but individual lot sales will be considered. If anyone is interested, contact Dale Coonrod at the Office of the Special Deputy. Telephone number: (312) 836-9514. E-mail address: dcoonrod@osdchi.com. Click here for photos |
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| Latest News: | |
| Historical Data | |
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On December 10, 1996, an Order of Conservation was entered against Coronet Insurance Company, as well as two of its subsidiaries, Crown Casualty Company and National Assurance Indemnity Company. On December 24, 1996, Coronet was declared insolvent and an Agreed Order of Liquidation with a Finding of Insolvency was entered. Coronet, an Illinois domestic property and casualty company, is a wholly owned subsidiary of Normandy Holding Company and commenced business in 1963. The company’s principle business consists of non-standard private passenger automobile coverages, both liability and physical damage, as well as a small amount of homeowners and other coverages on a direct and assumed basis. Although licensed in 11 states, the company primarily wrote in IL, AZ, NV, TN and OH. The claim filing deadline was December 24, 1997, with a contingent claim date of December 24, 1998. Early access distributions of $9,841,958 have been made to various Guaranty Funds for administrative expenses. On December 8, 1998, the Liquidator filed a federal RICO complaint in the U.S.D.C. Northern District of Illinois, against certain former officers and directors of Coronet. After years of litigation, settlement agreements were reached with all defendants, and the case was dismissed. A complaint was filed against the former auditors of the company for negligence and breach of contract. Both parties filed appeals in this matter. The Liquidator received a favorable appellate decision. A motion for rehearing was denied and subsequently, in September, 2009, the parties agreed to a settlement. The agreement that the former auditors pay $2.25M, to be divided between Coronet, Crown and National Assurance. Last updated July 2010 |
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