An Order of Liquidation With a Finding of Insolvency was entered against Prestige Casualty Company on July 26, 1994 in the Circuit Court of Cook County, Illinois. Prestige had previously been under an Order of Conservation since April 18, 1994. The liquidation proceedings were adversarial. Prestige, a domestic property and casualty company, is a wholly owned subsidiary of Comet Motor Club, Inc., which in turn is a wholly owned subsidiary of the Hallmark Holding Group.

Prestige, which commenced business in 1958, was licensed in six states (AZ, IL, IN, MI, OH, and TX). It also wrote on a surplus lines or non-admitted basis in LA, MT, and ND. The company primarily wrote non-standard private passenger automobile insurance, as well as a modest amount of commercial multiple peril, accident and health and allied lines coverage.

10,105 claims have been filed with the Liquidator.  The claim filing deadline was July 26, 1995 and the contingent claim deadline was July 26, 1996. Early access distributions of $10,802,726 have been made to various Guaranty Funds for administrative expenses.