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Regulatory/Law
The number of state actions continued to rise in 2003 to 45 compared with 44 in 2002 and 35 in 2001.
This year's corporate changes study, based on filing and A.M. Best Co. data, shows 23 new property/casualty insurers entered the market in 2003. There were 57 acquisitions or ownership changes, compared with 29 in 2002, 36 mergers in 2003 vs. 31 in 2002, and 58 name changes compared with 62 in 2002.
All changes occurred in 2003, unless otherwise indicated. Locations in parentheses indicate a company's domicile when it differs from the location of its headquarters.
Mergers
American Colonial Insurance Co. (Albany, N.Y.), Paramus, NJ. On June 20, the company merged into its parent, North East Insurance Co.
Bakerstown Mutual Fire Insurance Co., Reamstown, Pa. On Feb. 19, the Pennsylvania Insurance Department approved the merger of Bakerstown Mutual Fire into Reamstown Mutual Insurance Co. with the effective date being Jan. 1. Reamstown Mutual assumed all assets and liabilities of the company.
Berkshire Mutual Insurance Co., Pittsfleld, Mass. On July 1, the company merged into Harleysville Mutual Insurance Co. It had been in runoff since 2002.
Builders Direct Insurance Co., Harrisburg, Pa. Effective Oct. 1, the company merged into Eastern Atlantic Insurance Co.
CDC IXIS Financial Guaranty North America Inc., New York. Effective Aug. 31, the company merged with and into Western Continental Insurance Company of New York, the survivor. The name was then changed back to CDC IXIS Financial Guaranty North America, Inc.
Chicago Motor Club Insurance Co.,Aurora, Ill. On Dec. 1, the company was merged into an affiliate, MemberSelect Insurance Co.
Clayton Reinsurance Ltd.,Webster Groves, Mo. On Dec. 31, the company was merged into Reliable Life Insurance Co.
Commonwealth Medical Liability Insurance Co.,Washington, D.C. On Dec. 31, the company merged into its parent, NCRIC Inc.
Comstock Insurance Co., Glendale, Calif. Effective June 22,2001, the company was placed under state supervision by the state of California. During the fourth quarter of 2002, the Insurance Department began the process of liquidation. On March 14, Comstock merged into an affiliate, Fremont Indemnity Co.
CORPA Reinsurance Co. (New York), Short Hills, N.J. Effective Dec. 31, the company merged with and into Stonebridge Casualty Insurance Co., the survivor.
Denver Mutual Insurance Co., Newton, Ill. Effective Jan....