Citing assets of between $50 million to $100 million and debts of more than $100 million, specialty insurer Frontier Insurance Group filed on July 5 for Chapter 11 protection from creditors in U.S. Bankruptcy Court in New York.
Most of Frontier’s insurance subsidiaries are in rehabilitation or liquidation. In 2001, the New York state insurance department took control of its largest subsidiary, Frontier Insurance Company in Rock Hill. There have been reports that the department is close to allowing this unit to be released from state control but that has not yet happened.
The company still operates a medical liability claims management company in Rock Hill. The company also has a suit pending against Ernst & Young, its former auditor, for $250 million for alleged malpractice.
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