An A.M. Best statistical study published in the March 4 edition of BestWeek says the collapse of Reliance Insurance Co. will strain state property/casualty guaranty funds, and in combination with other disasters over the past year, may add to the strain on lower-rated secure companies.
Since Reliance was placed in liquidation by the Pennsylvania Department of Insurance it has had little success obtaining the approximately $95 million in assets held by Reliance Group Holdings Inc. Also, A.M. Best says that the collection of reinsurance recoverables and receivables due to Reliance has slowed af...
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