On December 12, 1989, Intercontinental Insurance Company, a domestic property and casualty company, was placed under an Order of Conservation. On January 12, 1990, an Agreed Order of Liquidation With a Finding of Insolvency was entered against the company in the Circuit Court of Cook County, Illinois.

The company commenced business in 1979 as the Evanston Reinsurance Company.  Its title changed to Intercontinental Insurance Company in 1984 when it was acquired by Intercontinental Financial Group of North America.  Intercontinental Insurance Company specialized in workers' compensation coverages.

The claim filing deadline was July 12, 1991, and the contingent claim deadline was July 13, 1992.  23,131 claims have been filed with the Liquidator.  Early access distributions of $13,866,688 have been made to various Guaranty Funds for both administrative expenses and claim benefits.