CDI: Castlepoint Conservation Likely to Convert to Liquidation in March

The California Department of Insurance said liquidation of the Castlepoint National Insurance Co. is expected to begin in March 2017. In July, the San Francisco Superior Court approved a conservation order allowing Insurance Commissioner Dave Jones to pay claims and expenses on behalf of 10 Tower Group carriers that were recently merged together as Castlepoint. The department said at the time the move generated $200 million to pay claims by requiring Castlepoint to execute reinsurance agreements, and could be the first step toward liquidation. Liquidation will not start until the commiss...