When the Delaware insurance commissioner’s office opened Ullico Casualty Co.’s annual financial statement for 2012 on March 1, it found a company that had completely depleted its claims-paying resources and was $52 million in the hole. Just three years ago, Ullico had a surplus of nearly $90 million.Ten days later, the commissioner obtained a rehabilitation order and injunction from the Delaware Chancery Court to take control of Ullico Casualty on the basis that its financial condition since Dec. 31 was deteriorating. Ullico consented to the commencement of the rehabilitation proce...
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