|
|
Article: Liberty signs Golden Eagle re deal. (Liberty Mutual Group becomes reinsurer for Golden Eagle Insurance Co.)
- Article from:
- National Underwriter Property & Casualty-Risk & Benefits Management
- Article date:
- March 10, 1997
- Author:
CopyrightCOPYRIGHT 1997 The National Underwriter Company. 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)
|
Boston, Mass.-based Liberty Mutual Group has signed a reinsurance agreement with the California insurance department' agreeing to take on the losses on new and renewal policies of Golden Eagle Ins. Co.--the San Diego-based company seized by the department last month.
In a statement, California Insurance Commissioner Chuck Quackenbush said the agreement means Golden Eagle policyholders "can rest easier" knowing their claims will be backed by a company with over $5 billion in surplus.
The commissioner has also issued a Request for Proposals for the Golden Eagle rehabilitation.
John Cusolito, a Liberty Mutual assistant vice president, said ...