Before Falling, Ullico Chased PEOs for Unclaimed Premiums

Ullico Casualty Co. wrote a significant amount of workers' compensation insurance coverage for professional employer organizations – a line of business that brought in millions of dollars in premium but may have eventually contributed to its downfall.On March 11, when the Delaware Insurance Commissioner's office obtained a rehabilitation order and injunction from the Delaware Chancery Court to take control of Ullico Casualty, the insurer' claim-paying coffers were $52 million in the hole. It also had racked up $380 million in liabilities against assets of roughly $327 million...