Western Specialty Ordered Into Liquidation

Illinois Insurance Director Nat Shapo announced that the Cook County Circuit Court issued an Order of Liquidation against Western Specialty Insurance Company of Oak Brook, Illinois, on May 6, 2002, following a determination by the Department of Insurance that the company's surplus was impaired by an amount in excess of $1 million, and at the request of the company's board of directors. Western Specialty is a wholly owned subsidiary of Western Holdings Incorporated. The company was originally incorporated in April 1986 as Oak Brook Property and Casualty Insurance Company, a wholly owned subsid...