Highlands Insurance Group, Inc., based in Lawrenceville, New Jersey, announced that it will cease writing any new or renewal business as soon as it is practicable to do so in accordance with “applicable insurance law.” The action follows a marked deterioration in its financial position, with $65 million in net losses for the first 9 months of 2001, and the recent downgrading of the Group’s ratings by Standard & Poor’s and A.M. Best. (See IJ Website, Nov. 20 and 26)
Various subsidiaries across the country will be affected, including: Highlands Underwriters Ins. Co.; Highlands Casualty Co.; Aberdeen Ins. Co.; Highlands Lloyds; Northwestern National Casualty Ins. Co.; Pacific National Ins. Co., and Pacific Automobile Ins. Co. In addition to its Lawrenceville headquarters the company also has regional offices in Houston, Texas, Woodland Hills, California, Des Moines, Iowa, and Raleigh, North Carolina.
A newly elected Board of Directors further announced that, “Pursuant to the plan, the Company is considering selling books of business or transferring renewal rights to third parties.” It also indicated it would continue to “search for a strategic alternative,” and “continue to reduce staffing levels and expenses as appropriate.”|”highlands, cease, writing, new,, renewal, business
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