Receivership Orders

First Oak Brook Corporation Syndicate was placed in conservation on September 20, 1996, at the request of the Board of Trustees of the Illinois Insurance Exchange (n/k/a INEX) and First Oak Brook. On November 12, 1996, the Cook County Circuit Court granted the Liquidator's petition for liquidation of this company. This was not an agreed order, but rather a non-contested default. The Syndicate is a wholly owned subsidiary of United Financial Holdings, Inc., an Illinois holding company, which in turn is owned by United Financial Group, Inc. of Illinois.

The syndicate commenced business in 1986, writing primarily commercial coverages, including special property, general liability, multiple peril and monoline casualty in 42 jurisdictions on an excess and surplus lines or non-admitted basis.

The claim filing deadline was November 12, 1997, with a contingent claim date of November 12, 1998. 11,129 claims were filed with the Liquidator.

The Liquidator's involvement in litigation with INEX is now resolved.  On November 26, 2003, the court entered an order approving the INEX Plan of Distribution. Therefore, the INEX Guaranty Fund's assets are available for distribution on a pro rata basis to the policyholders of all syndicate insolvencies who have covered claims under the INEX Guaranty Fund's plan of operation.  Distribution will be made when all other open estate issues are at or near completion.

On October 26, 2005, the Supervisory Court entered an order approving the Liquidator's plan for a final distribution of FOB's assets to priority level (d) claimants, closing the FOB estate and terminating the liquidation proceedings.