Dover – Delaware Insurance Commissioner Karen Weldin Stewart announced today that the Court of Chancery of the State of Delaware approved the Commissioner's plan to distribute the funds from the receivership of International Underwriters Insurance Company. The distribution will generate an additional $12.2 million of funds to the guaranty associations, policyholders and other claimants from the liquidated estate. The Guaranty Associations of Delaware, Maryland and Texas, will receive 100% of their approved claims totaling $14.9 million.  The policyholder level claimants will also receive 100% of their approved claims totaling over $1.3 million in distributions.  This brings the total amount distributed from the International Underwriters’ receivership to $16.2 million.

Commissioner Stewart said, “While the liquidation of any insurance company is disheartening, I am gratified that the Guaranty Associations and all other policyholders were made 100% whole instead of receiving the usual pennies on the dollar”.

Still to be determined are the amount of funds which will be available for distribution to the general creditor class claimants and the potential reinsurance collection from another insolvent receivership.

 

###

Contacts:
Elliott Jacobson (302) 674-7303; (202) 294-3266 cell
Michael Gould (302) 674-7304