Alpine Insurance Company
|
Welcome to the webpage for
Alpine Insurance Company. On June 28, 2000, Alpine Insurance 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 Alpine Insurance Company: |
|
| Liquidation Date: | June 28, 2000 |
| Claim Filing Deadline: | May 6, 2002 |
| Contingent Claim Deadline: | May 6, 2003 |
| Docket Number: | 99 CH 00267 |
| Related Links: | |
Financial Statements and Independent Auditors' Report 2008 |
|
| Latest News: | |
| Historical Data: | |
|
Alpine commenced business in 1986, operating on a licensed basis in Illinois and on an excess and surplus line basis in 42 other jurisdictions. Alpine principally wrote commercial casualty liability coverages, as well as professional liability coverages for architects and engineers. On January 8, 1999, Alpine Insurance Company, a domestic property and casualty company, was placed under an Agreed Order of Conservation. The company’s first direct parent is Alpine Holdings, Inc. (formerly Transco Syndicate #1, Ltd.), and the ultimate parent is Exstar Financial Corporation. Alpine Holdings, a former member of the Illinois Insurance Exchange (n/k/a INEX), was placed in conservation on March 18, 1999. An Order of Liquidation was entered on June 28, 2000, for reasons of insolvency. On December 21, 2000, the Illinois Appellate Court affirmed the trial court’s Order of Liquidation, and on April 4, 2001, the Illinois Supreme Court denied a petition for leave to appeal. The claim filing deadline was May 6, 2002, with a contingent claim date of May 6, 2003. Early access distributions totaling $108,024 have been made to the Illinois Insurance Guaranty Fund for administrative expenses. On August 2, 2001, the Liquidator filed a lawsuit against certain former officers, directors and affiliated companies alleging, among other things, violations of federal RICO laws, negligence and breaches of fiduciary duty. The lawsuit was settled in October 2003 for $1,450,000 and payment was received in December 2003. On March 7, 2007, the Supervisory Court entered an order approving a 100% distribution on all allowed claims arising from liabilities assumed from Transco Syndicate #1, Ltd. A distribution was then made on these claims out of assets held in trust by Alpine for liabilities assumed from Transco, totaling $3,819,834. On December 16, 2008, the Supervisory Court entered an order approving a 100% distribution on timely filed claims allowed at level (d) and (g) of the priority schedule. A total of $9,504,119 was distributed. In 2009 there were interim distributions from the first filing totaling $114,729. Following the distribution, there was a surplus of funds remaining in the estates, and pursuant to the requirements of Section 210 of the Illinois Insurance Code, the Liquidator prepared for the filing, in January 2009, of a petition for an order establishing a second claim filing deadline. A claim filing deadline of May 26, 2009 was established, which was later extended to June 30, 2009. Last updated July 2010 |
|