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

On December 10, 1996, an Order of Conservation was entered against Coronet Insurance Company, as well as two of its subsidiaries, Crown Casualty Company and National Assurance Indemnity Company. On December 24, 1996, Coronet was declared insolvent and an Agreed Order of Liquidation with a Finding of Insolvency was entered. Coronet, an Illinois domestic property and casualty company, is a wholly owned subsidiary of Normandy Holding Company and commenced business in 1963.

The company’s principle business consists of non-standard private passenger automobile coverages, both liability and physical damage, as well as a small amount of homeowners and other coverages on a direct and assumed basis. Although licensed in 11 states, the company primarily wrote in IL, AZ, NV, TN and OH.

The claim filing deadline was December 24, 1997, with a contingent claim date of December 24, 1998. Early access distributions of $11,409,963 have been made to various Guaranty Funds 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, the parties agreed to a settlement.  The agreement that the former auditors pay $2.25M, to be divided between Coronet, Crown and National Assurance.