Finally: Transit Casualty receivership ends [St. Louis Post-Dispatch]
|By Jim Gallagher, St. Louis Post-Dispatch|
|McClatchy-Tribune Information Services|
Transit Casualty was founded in 1945 in
In 2001, the
Arnold had been paid
The long delay in settling he case was blamed on trouble collecting from more than 1,000 reinsurance firms, and in resolving long-running claims for problems such as asbestos or environmental cleanups. For a fee, reinsurance firms take on part of the responsibility for paying claims.
Transit Casualty was the second-longest receivership in
When an insurance company fails, a court can order state regulators to take over the company to protect policy holders and creditors.
Huff said a receivership often take many years, but it provides an orderly process for winding down the business while protecting consumers.
(c)2013 the St. Louis Post-Dispatch
Visit the St. Louis Post-Dispatch at www.stltoday.com
Distributed by MCT Information Services