STORY FROM: Reinsurance & Arbitration
Pa. Court Orders Excalibur Reinsurance Into Liquidation, Stays All Litigation
August 3, 2016
HARRISBURG, Pa. — A Pennsylvania court has ordered Excalibur Reinsurance Corp. into liquidation, explaining that the reinsurer is statutorily insolvent because its liabilities exceed its admitted assets by roughly $5 million.
In a July 18 order, Judge Mary H. Leavitt of the Commonwealth Court of Pennsylvania appointed the state insurance commissioner, Teresa D. Miller, as liquidator, to oversee the estate’s distribution of assets. The order effectively stays all actions involving the reinsurer.
Excalibur, formerly PMA Insurance Co., wrote reinsurance from 1990 until 2003, covering commercial auto, commercial general liability, products liability, workers’ compensation, and professional liability lines of business. Excalibur, ...