BROOKHAVEN, Pennsylvania, Aug. 7 -- The Pennsylvania House Democrats issued the following news release on behalf of Pennsylvania State Rep. Leanne Krueger-Braneky, D-Delaware:

State Rep. Leanne Krueger-Braneky, D-Delaware, released the following statement congratulating first responders with Aston Township Fire Co. for its $1 million Redevelopment Assistance Capital Program grant announced by Gov. Tom Wolf today:

"By winning this large highly competitive grant, Aston Township Fire Company not only stood out across the state, but its service to the community had to be second to none," she said. "Congratulations to Aston Township, and thank you to Governor Wolf for recognizing a wise investment in Aston and its finest first responders. Under the leadership of Chief Mike Evans, these firefighters and EMS workers put their lives on the line every day to keep us safe.

"The real winner is the community, of course. This award will help keep local taxes down and help keep people safe. I'm proud to have helped support this grant to the community and look forward to championing other great local projects."

Aston Township plans to renovate and expand the former Green Ridge Fire House, which is located on Duttons Mill Road. The existing building was constructed over 30 years ago and is outdated and undersized. The proposed improvements involve renovating the existing 5,250-square-foot building and constructing a 15,430-square-foot addition. The new firehouse will have six fire truck bays, two EMS bays, a recreation room, office space, meeting rooms, bunk rooms and storage and accessory spaces.

The Redevelopment Assistance Capital Program is a grant program administered by the Office of the Budget for the acquisition and construction of regional economic, cultural, civic, recreational, and historical improvement projects. RACP projects are authorized in the Redevelopment Assistance section of a Capital Budget Itemization Act, have a regional or multi-jurisdictional impact, and generate substantial increases or maintain current levels of employment, tax revenues, or other measures of economic activity.

REGULATION

A life insurance company, one of the investors reportedly hit by a more-than-$500 million financial fraud, must stop selling policies in Virginia, the State Corporation Commission has ordered.

The SCC Bureau of Insurance had charged that the firm, Atlantic Coast Life Insurance Co., was in a hazardous financial condition and has agreed to stop selling insurance in the state.

The bureau's action and the settlement come in the wake of South Carolina insurance regulators' petition to a state court there authorizing them to take control of the company.

Atlantic Coast had 18,709 policies in Virginia providing roughly $266 million of coverage as of Dec. 31.

In the past six months, the company's surplus — basically the money that backstops its promises to pay benefits in case its reserves aren't sufficient — has dropped from $79 million to $45 million, its latest financial filing with the bureau shows.

"Without accepting as accurate the factual allegations … This offer is being made solely for the purpose of a settlement and does not constitute, nor should it be construed as, an admission of any violation of law," Jill Gettman, Atlantic Coast's chief legal counsel and secretary, said in a filing with the bureau.

She said Atlantic Coast would continue to properly pay claims under its Virginia policies.

The ban on new sales by Atlantic Coast takes effect Nov. 1. The company can, however, renew existing policies that are guaranteed renewable or noncancellable.

The SCC order says the ban on new sales would end if South Carolina regulators withdraw their court petition seeking control of the company and, at the same time, if the insurer's parent either raises at least $50 million with an agreed amount going to support the insurer or if another company offers to acquire the firm.

South Carolina regulators want to take control of Atlantic Coast and its affiliate Southern Atlantic Re because they allege their parent company, the private equity firm Advantage Capital Holdings, moved money from retiree annuities into investments that could be easily redeemed, as well as in loans that exceeded previously agreed limits.

The South Carolina regulators said Atlantic Coast had too much money tied up with a failed investment firm, 777 Partners, and didn't disclose investments made with affiliated firms.

Advantage Capital has contested the regulators' charges.

Earlier this month, Joshua Wander, founder and former CEO of 777 Partners, pleaded guilty to wire and securities fraud in connection with a scheme to defraud the lenders and investors of 777 Partners.

Federal prosecutors said Wander defrauded investors and lenders of more than $500 million.

Prosecutors said Wander told investors they would be financing "structured settlements," contracts that turn lump sum legal settlements for damages into a series of smaller payments over time.

Instead, Wander actually invested in other things, including airlines and professional sports teams, instead of using funds to make sure structured settlements paid what they promised, prosecutors said.

The rating agency AM Best has downgraded Atlantic Coast's financial strength rating from B, fair, to C-plus, marginal.

"Current capital levels and regulatory capital ratios have deteriorated in the first six months of 2026, continuing a trend since 2024," AM Best said in a statement.

"The group has a significant allocation to illiquid assets and equities that are not traditionally associated with insurance company investments," the agency added.

Dave Ress(804) 649-6948 dress@timesdispatch.com

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