Tag: liquidating First Sealord Surety Insurance

The Pennsylvania Department of Insurance has announced that it will be liquidating First Sealord Surety Insurance. The state’s Commonwealth Court yesterday approved a petition from the department that was filed last year regarding liquidation of the insurer. Insurance Commissioner Michael Consedine cites the insurer’s inability to pay off its debt and meet the needs of its policyholders as the reason for the liquidation. The insurer saw steep drops in its surplus capital in recent years, sealing its fate in an unforgiving regulatory environment. The approval of the petition allows the Department…

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