Legion Indemnity Company
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Welcome to the webpage for
Legion Indemnity Company. On April 9, 2003, Legion Indemnity
Company was ordered into liquidation, and
the Director of Insurance was affirmed as Receiver. By Illinois
law, the Director may appoint a Special Deputy Receiver to administer
the receivership. By power of attorney, Patrick D. Hughes is the
Special Deputy Receiver to Director Michael T. McRaith, and the Office of the Special Deputy Receiver
handles the day-to-day administration of the liquidation proceedings
under the direction of the Special Deputy, subject to the ultimate
authority of the Director and to court supervision. Here is
additional information on Legion Indemnity Company: |
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| Liquidation Date: | April 9, 2003 |
| Claims Filing Deadline: | October 11, 2004 |
| Contingent Claims Filing Deadline: | April 10, 2006 |
| Docket Number: | 02 CH 06695 |
| Related Documents: | |
Financial Statements and Independent Auditors' Report 2008 |
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| Good Faith Estimate: | |
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The projected date of the Legion
distribution is being revised from 2010 to the third quarter of 2011.
However, the Special Deputy Receiver now estimates that there will be a
100% distribution on claims approved at the policyholder level (d) of
the Illinois statutory distribution scheme. This good faith estimate is
based upon information available and the circumstances known at the time
that it was made. Before relying on this estimate in making any
decisions, be aware that the underlying facts and circumstances upon
which it is based may change. (Revised May 2010) | |
| Historical Data: | |
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On April 3, 2002, an Order of Conservation was entered against Legion Indemnity Company. On April 9, 2003, upon the Director’s Verified Complaint for Liquidation, the Circuit Court of Cook County entered an Order of Liquidation with a Finding of Insolvency against Legion Indemnity Company. The Illinois Property and Casualty Guaranty Fund, as well as the New Jersey Surplus Lines Guaranty Association were triggered for covered claims of residents of their respective states only. In addition, the Illinois Life and Health Guaranty Association was triggered for covered accident and health claims of Illinois residents, as well as certain other states. The company is licensed only in the state of Illinois; however, it operated on a surplus lines or non-admitted basis in the District of Columbia, U.S. Virgin Islands and 49 other jurisdictions. On December 31, 2001, the company reported direct written premium of $89,307,000, and assumed reinsurance premium of $11,500,000. Legion Indemnity was originally incorporated in January 1987 as the Wacker-Randolph Insurance Company. The name was changed to Dearborn Insurance Company in March 1987 and changed to its current name in May 1996. Legion Indemnity is a wholly owned subsidiary of Legion Financial Corporation, which in turn owned by Mutual Group Ltd. of Delaware. The ultimate holding company for all of the insurance operations is Mutual Risk Management, Ltd., a Bermudan corporation. The claim filing deadline was October 11, 2004. The deadline for liquidation of timely-filed contingent claims was April 10, 2006. Early access distributions totaling $11,375,113 have been made to various Guaranty Funds for administrative expenses and claim payments. Last updated July 2010 |
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