Agora Syndicate Inc., a member of the INEX Insurance Exchange (formerly known as the Illinois Insurance Exchange) was placed under an order of liquidation on Nov. 15. The Cook County Circuit Court granted Illinois Insurance Director Nat Shapo’s petition based on the Insurance Department’s findings that the company’s policyholder surplus was impaired by over $2 million. The court order includes a finding of insolvency.
Although Agora has been in run-off since approximately July 1, 2000, its most recent financial statements reflect approximately $26.5 million in direct and assumed premium as of Dec. 31, 1999. The company wrote direct and assumed reinsurance under various programs of commercial general liability in several states on an excess and surplus lines basis.
Any contract holders with business that may still be in force will be notified that assumed reinsurance contracts were cancelled upon entry of the order, and that direct policyholders will be cancelled at 12:01 a.m. on Dec. 16, 2000, unless their policies expired or terminated at an earlier date. The company has been under an Order of Conservation since Sept. 14, 2000, and will continue under Director Shapo’s control in liquidation.
The syndicate, a wholly owned subsidiary of MARL III a holding company, commenced business in 1989 under the rules and regulations of the Illinois Insurance Exchange. Agora is a member of the INEX Insurance Exchange Guaranty Fund, which may provide up to an aggregate $15 million of coverage, not to exceed $300,000 per claimant, to assist the Liquidator in meeting obligations of policyholders.
Topics Illinois
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