Gateway Insurance Company ( GIC ) (NAIC #28339), a/k/a Gateway 2.0
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Welcome to the webpage for Gateway Insurance Company ( Gateway ). On June 13, 2024, Gateway Insurance Company ( GIC ) (NAIC #28339), a/k/a Gateway 2.0 ,
was placed in rehabilitation by the Circuit Court of Cook County, Illinois (case number 2023 CH 09563). Ann Gillespie, Director of Insurance of the
State of Illinois, was affirmed as GIC s statutory and court-affirmed Rehabilitator. By Illinois law, the Director may appoint a Special Deputy Receiver to
administer the receivership. Jacob Stuckey and the Office of the Special Deputy Receiver has been appointed to assist Director Gillespie in the
day-to-day administration of the rehabilitation proceedings. Additional information on Gateway follows |
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| Conservation Date: | November 27, 2023 |
| Rehabilitation Date: | June 13, 2024 |
| Claims Filing Deadline: | N/A |
| Contingent Claims Filing Deadline: | N/A |
| Docket Number: | 2023 CH 09563 |
| Related Documents and Links: | |
Financial Statements and Independent Auditors' Report |
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| Latest News: |
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The Agreed Order of Rehabilitation entered on June 13, 2024, terminated the conservation proceedings, and placed GIC into rehabilitation. On March 1, 2024, Gateway Insurance Company filed its 2023 Annual Statement reflecting a risk-based capital ("RBC") ratio that triggered an Authorized Control Level Event in accordance with 215 ILCS 5/35A-25(a)(1). On March 10, 2025, Gateway filed its 2024 Annual Statement, which reflects an improved but still statutorily insufficient RBC ratio. In compliance with the applicable provisions of the Code, and in order correct Gateway's statutorily insufficient RBC ratio, Gateway's sole shareholder Buckle Corp., LLC ("Buckle") submitted an RBC Plan ("RBC Plan") on behalf of Gateway to the Illinois Department of Insurance ("IDOI") for its consideration. With minor alterations, IDOI approved Gateway's RBC Plan on June 13, 2025. As to the corrective actions contemplated in the RBC plan, Buckle has secured capital commitments from investors totaling $20 million, of which $8.2 million in funding will initially be contributed to Gateway to support its RBC requirements and its resumption of business. The funding will be a two-step process. First, in exchange for a Surplus Note Debenture, the investors will pay Gateway $4.7 million. That transaction, approved by the Supervising Court, occurred on September 25, 2025, thus removing the causes and conditions which made the rehabilitation proceedings necessary. Second, upon a petition filed by the Rehabilitator, the Court entered an order, dated September 29, 2025, terminating the rehabilitation proceeding and closing the Gateway estate. The investors then funded the remaining $3.5 million. |
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| Historical Data: | Check the NAIC Global Receivership Information Database ("GRID")
for additional data on insurance companies in receivership. |