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Workers' Compensation News

Reliance Debt Extended Again 11/12/2000
State: Natl. | Segment: Top | 49 | 0
The Wall Street Journal reported Friday, 11/10/00, that banks and regulators have agreed to 'forbear on the filing of any bankruptcy' against Reliance Group Holdings Inc. Bank debt of $237.5 million for the property-casualty insurer was to come due Friday, after extensions granted in March and Augus...Read More
Renewal Notice Amendments 10/11/2000
State: Natl. | Segment: Top | 59 | 0
Not well publicized after the end of the legislative session, California Gov. Gray Davis signed into law AB 2297 amending Sections 11664 and 11750 of the Insurance Code, which is intended to end employers' confusion over workers' compensation renewal notices. Previously insurers were not ...Read More

Reliance Debt Relief 08/25/2000
State: Natl. | Segment: Top | 79 | 0
A.M. Best reported today that bankers have extended the maturity date of $237.5 million in bank debt owed by Reliance Group Holdings Inc. to Nov. 10 from Aug. 31. Reliance is dealing with the double financial whammy of debt and unprofitable property/casualty operations, posting a second-...Read More
Reliance Downgraded to C by Best 08/17/2000
State: Natl. | Segment: Top | 78 | 0
A.M. Best has downgraded the rating of Reliance Insurance Group, New York, from B (Fair) to C (Weak) and revised its 'under review' status from developing to negative following the latest set of negative news surrounding the group's weaknesses. Best doubts that Reliance will be able to restructure i...Read More
Reliance Bankruptcy? or Berkshire-Hathaway? 08/16/2000
State: Natl. | Segment: Top | 94 | 0
Reported by A.M. Best: Reliance Group Holdings Inc. (parent of Reliance Insurance Co.) is said to be 'exploring a full range of alternatives' to restructure $735.1 million of debt, $529.2 million of repayment due this year, including filing for bankruptcy protection. Reliance re...Read More
Reliance Deal Off - AM Best Downgrades 07/14/2000
State: Natl. | Segment: Top | 92 | 0
A.M. Best reported that Leucadia National Corp. cancelled the $292.7 million purchase of Reliance Group Holdings Inc. based on the terms that were originally negotiated. They are discussing possible alternatives. In a joint press release, Leucadia said a new deal isn't certain though. L...Read More
Reliance Downgraded Again 06/21/2000
State: Natl. | Segment: Top | 82 | 0
A.M. Best Co. downgraded most of Reliance Group Holdings Inc.'s insurance subsidiaries to B++ from A- last week. This move comes on the heels of a proposed purchase of Reliance by Leucadia National Corp., and the midyear renewal season. Since many large policyholders are either unwilling or contract...Read More
Recent WC Fraud Arrests 06/12/2000
State: Natl. | Segment: Top | 141 | 0
From Department of Insurance Press Release 6/9/00: HUNTINGTON BEACH ...Read More
Reliance to be Sold 05/30/2000
State: Natl. | Segment: Top | 105 | 0
The Wall Street Journal reported on Tuesday 5/30/00 that Reliance Group Holdings Inc., parent to Reliance Insurance Company, is being sold to Leucadia National Corp., a New York based holding company known for purchasing distressed insurance companies and resuscetating them. Leudadia will p...Read More
Reliance, Lincoln National Unicover Involvement 01/25/2000
State: Natl. | Segment: Top | 126 | 0
Reliance Group Holdings Inc. (Reliance) has filed a fraud lawsuit against an insurance manager and intermediary Unicover Managers, Inc. (Unicover) for alleged insurance fraud that could cost Reliance $100 million. Reliance sued Unicover for 'substantial damages for fraud, misrepresentatio...Read More
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