Financial Statements and Independent Auditors' Report
Receivership Petitions and Orders
Statement of Affairs
Statement of Changes in Cash and Invested Assets

Crown Casualty, an Illinois domestic property and casualty company, and a member of the Coronet Insurance Group, was ordered into conservation on December 10, 1996. On January 31, 1997, an Order of Liquidation with a Finding of Insolvency was entered. This was not an agreed order, but rather a non-contested default. Crown is a wholly owned subsidiary of National Assurance Indemnity Company, which in turn is owned by Coronet Insurance Company. The company commenced business in 1990. National Assurance and Coronet were also placed in conservation on December 10, 1996, and NAIC’s liquidation date was January 3, 1997.

Licensed only in Illinois, this company primarily assumed business from its ultimate parent, Coronet. It also wrote a small amount of automobile coverages on a direct basis.

The claim filing deadline was February 2, 1998, with a contingent claim filing date of February 2, 1999. Early access distributions of $681,242 have been made to the Illinois Insurance Guaranty Fund for administrative expenses.

On December 8, 1998, the Liquidator filed a federal RICO complaint in the U.S.D.C. Northern District of Illinois, against certain former officers and directors of Coronet. After years of litigation, settlement agreements were reached with all defendants and the case was dismissed.

A complaint was filed against the former auditors of the company for negligence and breach of contract. Both parties filed appeals in this matter. The Liquidator received a favorable appellate decision. A motion for rehearing was denied and subsequently, in September, 2009 a settlement agreement was reached.