JUPITER, Florida (May 4, 2011) — On April 27, regulators took control of Reinsurance Company of America, Illinois, a property and casualty insurer, following the signing of an order for its immediate liquidation by the Cook County Circuit Court.
Weiss rated the insurer D (“Weak”) at the time the order was signed and first identified it as “Weak” in 2007. Reinsurance Company of America was primarily engaged in the run-off of its remaining workers’ compensation claims and liabilities, and its asset base had declined to $6.5 million by December 31, 2010. State guaranty funds will be responsible for paying out the remaining covered claims.
Weiss rates 305 property and casualty insurance companies D+ or lower. Consumers can view the full list of ratings at www.weissratings.com and the full list of failed insurers at http://weissratings.com/ratings/track-record/insurer-failures.aspx. For information on what to do if an insurance company fails, consumers can review the FAQ section of Weiss Ratings’ website.
Weiss Ratings, the nation’s leading independent provider of bank, credit union and insurance company ratings and sovereign debt ratings, accepts no payments for its ratings from rated institutions. It also distributes independent ratings on the shares of thousands of publicly traded companies, mutual funds, closed-end funds and ETFs. For more information on financial strength ratings, visit www.weissratings.com.