Two Comp Insurers Become Insolvent in 2014, 2 Others Near Final Closure

Two workers' compensation insurance companies have become insolvent in 2014, according to a recent report from the National Conference of Insurance Guaranty Funds. CAGC Insurance Co., based in North Carolina, had $18 million in direct losses unpaid, according to the conference's July 31 report. The New York-based Professional Liability Insurance Co. of America, which also covered medical malpractice, had $26.1 million in direct losses unpaid. Those companies will have their claims transferred to guaranty funds, which will pay them off. Money for guaranty funds comes from liquidation ...