Valor Insurance Company
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Welcome to the webpage for Valor Insurance Company. On
August 23, 2003, Valor 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 Valor Insurance Company: |
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| Liquidation Date: | August 23, 2002 |
| Claims Filing Deadline: | February 23, 2004 |
| Contingent Claims Filing Deadline | August 23, 2004 |
| Docket Number: | 02 CH 08782 |
| 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 making
a dividend distribution in 2010 on claims allowed at the policyholder
priority level (d) of the Illinois statutory distribution scheme. As
soon as deemed appropriate, information regarding the timing and amount
of the distribution will be posted on our website. These good faith
estimates are based upon information available and the circumstances
known at the time that they were made. Before relying on these estimates
in making any decisions, be aware that the underlying facts and
circumstances upon which they are based are subject to change. (Posted 12/01/2009). |
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| Historical Data: | |
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On February 25, 2002, an Order of Conservation was entered against Valor Insurance Company following the Department of Insurance’s determination that Valor was insolvent by more than $15 million. An Order of Liquidation was entered by the Circuit Court of Cook County, Illinois, against Valor on August 9, 2002, subject to a fourteen day stay until August 23, 2002. The Order of Liquidation was entered on the Director’s motion for Judgment on the Pleadings, which was granted by the Circuit Court on August 7, 2002 based upon a duly authorized Consent to Liquidation executed by Valor’s board of directors which the owner subsequently refused to honor. On August 14, 2002, Valor filed a Notice of Appeal of the Order of Liquidation. An Agreed Order, which contains a Finding of Insolvency and waives all rights to appeal, was entered by the Circuit Court of Cook County, Illinois on March 13, 2002, and further requires Valor to dismiss with prejudice its pending appeal of the Court’s August 9, 2002, Order of Liquidation. The Appeal was dismissed on March 27, 2003. As of that date, the Liquidation Order and Finding of Insolvency became final. The Department of Insurance had previously approved an arrangement for Affirmative Insurance Company to assume or reinsure all in-force business of Valor effective January 1, 2002. As such, Affirmative is responsible for policy claims which occurred on or after that date. Affirmative is an Illinois domestic carrier and member of the Vesta Insurance Group of Birmingham, AL, and is licensed in 25 states including Illinois and Indiana. Valor is a wholly owned subsidiary of Gallant Insurance Company, in Liquidation, which in turn is wholly owned by J and P Holdings Incorporated, and a member of the Warrior Insurance Group of Bedford Park, Illinois. Valor was originally incorporated in December 1989 as the Unicorn Insurance Company. Its name was changed in 1992 to Hallberg Direct Insurance Company and to Valor in July 1995. The company is licensed in the states of Illinois and Indiana, and primarily wrote non-standard passenger automobile liability and physical damage coverages. The claim filing deadline was February 23, 2004. The deadline for liquidating timely-filed contingent claims was August 23, 2004. Early access distributions totaling $18,202,220 have been made to the Guaranty Fund for administrative expenses and claim benefits. Last updated July 2010 |
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