DOI Recovers $56 Million For CIGA

The California Insurance Guarantee Association will get $55.9 million to help pay off its $2.2 billion debt thanks to a settlement negotiated by the Department of Insurance with Continental Casualty Co. Continental Casualty Co. agreed to pay $56.25 million to settle the state's claim to a $50 million surety bond purchased from Continental Casualty to guarantee the obligations of Superior National Insurance Co., a workers' compensation insurance company liquidated in 2000, the Insurance Department said. CIGA paid off “more than $500 million” in claims following the Superior ...