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Article: Alpine gives up fight for California license. (Alpine Insurance Co.)
- Article from:
- Business Insurance
- Article date:
- August 19, 1996
- Author:
CopyrightCOPYRIGHT 1996 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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SOLVANG, Calif. - Alpine Insurance Co. is reorganizing its operations after giving up - for now - on efforts to win an insurance license in California, its largest source of business.
Alpine, a unit of Solvang, Calif.-based Exstar Financial Corp., withdrew its license application earlier this month after California regulators informed it that they intended to deny the application for the second time in two months.
The California Insurance Department initially denied Alpine's application June 24 after disallowing millions of dollars of its assets and reinsurance recoverables and finding it insolvent by nearly $7 million as of March 31. Alpine challenged the ...