BRAINTREE, Mass. (PRWEB) May 29, 2018

The Westport Group, the multi-life excess disability insurance provider for more than 30% of the AM Law 100 and top corporations across the US, today announced that it has been named number 29 on the Boston Business Journal Fast 50 list, a registry of the fastest-growing private firms in Massachusetts. It's The Westport Group's second appearance on the list.

Says co-founder and Executive Vice President, Gary Terry: "We are proud to be #29 on the Boston Business Journal's Fast 50 list. We're always thinking ahead, trying to anticipate the market and our clients' needs, and innovating accordingly. I'm excited for the coming years and to continue to see how we evolve."

In order to be considered for the Boston Business Journal Fast 50, organizations must show significant growth from 2016 to 2017, have a reported revenue of at least $500,000 in 2014 and $1 million in 2017 and have their headquarters in Massachusetts. The full ranking of the organizations selected from nearly 140 entrants can be found here. This year's 50 companies all posted revenue growth from 2014 to 2017 of at least 100 percent.

Co-Founder and Executive Vice-President, Chris Kristian says, "I am proud of our team. They have been the drivers of our client centered approach. The innovative products we invented in 2006 have now become mainstream for the majority of Law Firms and corporations both domestically and internationally. We are continuing to improve our existing portfolio to provide additional value to our existing and future clients and have applied for patents on new offerings. It's an exciting time!"

Read the full story at http://www.prweb.com/releases/2018/05/prweb15515299.htm

Virginia became the third state to address growing concerns about Atlantic Coast Life Insurance Co.'s financial health. In a settlement revealed Friday, Atlantic Coast has agreed to stop writing new insurance business in Virginia starting Nov. 1.

The insurer faces rehabilitation proceedings in South Carolina over its financial condition. Florida also suspended Atlantic Coast from writing new policies in the Sunshine State.

The Virginia State Corporation Commission approved the settlement Thursday, accepting the South Carolina-domiciled insurer’s offer to halt new business without admitting or denying the state’s allegations that it is in a hazardous financial condition.

The commission’s Bureau of Insurance alleged that a review of Atlantic Coast’s financial filings over the previous 12 months showed the company was in a hazardous financial condition under Virginia law.

Under the order, Atlantic Coast Life cannot issue new insurance contracts or policies in Virginia beginning Nov. 1. Its agents must also stop transacting new business on the insurer’s behalf until the commission issues further orders.

The company may continue renewing existing policies that are guaranteed renewable or noncancellable. It also must continue paying claims and servicing policies in force in Virginia or covering Virginia residents.

The settlement leaves open the possibility of changes before the restrictions take effect. Atlantic Coast Life and the Bureau of Insurance must confer before Nov. 1 to determine whether developments in mediation with the South Carolina Department of Insurance or other events warrant reconsideration of the order.

Bloomberg: Oaktree deal off

In other Friday developments, Bloomberg reported that a deal announced earlier this year between Advantage Capital Holdings, parent of Atlantic Coast Life, and Oaktree Capital Management is off.

A-Cap announced the deal in March for Oaktree to acquire a controlling stake in Atlantic Coast, while also providing capital to Sentinel Security Life Insurance Co. Oaktree is no longer pursuing the deal, Bloomberg reported.

In a statement to InsuranceNewsNet, an A-Cap spokesperson said, "We are continuing to work constructively with Oaktree on a transaction structure that will meet the approval of the South Carolina Department of Insurance.”

Three developments cited

The Virginia commission identified three developments that could justify proposed modifications: Withdrawal of South Carolina’s rehabilitation petition; a capital raise of at least $50 million at Advantage Capital Holdings with agreed-upon amounts contributed to the insurer; or the filing of a Form A seeking to transfer control of Atlantic Coast Life to a new owner.

The bureau did not commit whether it would support any proposed changes.

Atlantic Coast waived its right to a hearing and submitted its settlement offer in an Oct. 6 letter signed by Chief Legal Counsel and Secretary Jill Gettman. The commission retained jurisdiction over the matter and may initiate a show-cause proceeding or take other action if the company fails to comply with the order.

The Virginia action adds to regulatory pressure on Atlantic Coast Life. South Carolina regulators have petitioned to place the insurer and its subsidiary, Southern Atlantic Re, into rehabilitation.

Florida’s insurance regulator separately suspended Atlantic Coast Life’s certificate of authority, effective Sept. 30, barring it from soliciting or accepting new or renewal business in that state while requiring it to continue servicing existing policies.

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