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Workers' Compensation News

Reliance Deal Off - AM Best Downgrades 07/14/2000
State: Natl. | Segment: Top | 123 | 0
A.M. Best reported that Leucadia National Corp. cancelled the $292.7 million purchase of Reliance Group Holdings Inc. based on the terms that were originally negotiated. They are discussing possible alternatives. In a joint press release, Leucadia said a new deal isn't certain though. L...Read More
Reliance Downgraded Again 06/21/2000
State: Natl. | Segment: Top | 118 | 0
A.M. Best Co. downgraded most of Reliance Group Holdings Inc.'s insurance subsidiaries to B++ from A- last week. This move comes on the heels of a proposed purchase of Reliance by Leucadia National Corp., and the midyear renewal season. Since many large policyholders are either unwilling or contract...Read More
Recent WC Fraud Arrests 06/12/2000
State: Natl. | Segment: Top | 178 | 0
From Department of Insurance Press Release 6/9/00: HUNTINGTON BEACH ...Read More
Reliance to be Sold 05/30/2000
State: Natl. | Segment: Top | 141 | 0
The Wall Street Journal reported on Tuesday 5/30/00 that Reliance Group Holdings Inc., parent to Reliance Insurance Company, is being sold to Leucadia National Corp., a New York based holding company known for purchasing distressed insurance companies and resuscetating them. Leudadia will p...Read More
Reliance, Lincoln National Unicover Involvement 01/25/2000
State: Natl. | Segment: Top | 152 | 0
Reliance Group Holdings Inc. (Reliance) has filed a fraud lawsuit against an insurance manager and intermediary Unicover Managers, Inc. (Unicover) for alleged insurance fraud that could cost Reliance $100 million. Reliance sued Unicover for 'substantial damages for fraud, misrepresentatio...Read More
Reliance Under Review 01/13/2000
State: Natl. | Segment: Top | 111 | 0
From IMMS 1/13/00:A.M. Best Co. is keeping its A- (Excellent) rating for Reliance Insurance Group (Reliance) under review with negative implications. The position comes after Reliance announced that it had reached an agreement on issues related to the Unicover Workers Compensation reinsurance progra...Read More
Reliance Comp Reinsurance Settlement 01/10/2000
State: Natl. | Segment: Top | 114 | 0
IMMS 1/10/00Reliance Group Holdings, Inc. (Reliance) has reached settlement agreements with a group of insurers and reinsurers involving Workers Compensation insurance program created and managed by Unicover Managers, Inc. ...Read More
Reliance for Sale? 12/13/1999
State: Natl. | Segment: Top | 127 | 0
From IMMSAccording to industry sources, Travelers Property Casualty Corp., St. Paul Cos., and an unnamed insurer are seeking to purchase Reliance Group Holdings, Inc., a troubled Property/Casualty carrier. The three prospective buyers are said to have met over the weekend to discuss a deal with inv...Read More
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