Reliance to be Liquidated to Pay Claims

Pennsylvania insurance regulators will liquidate Reliance Insurance Co., under a rehabilitation order since May, a demise hastened by the Sept. 11 attacks, the Wall Street Journal reported in its online edition. According to the report, Pennsylvania Insurance Commissioner M. Diane Koken said further attempts to rehabilitate Reliance would substantially increase the risk of loss to Reliance policyholders, claimants and creditors. Koken said cash-flow projections show Reliance would lack the cash to meet its obligations as they come due during the next three months, according to the report. P...