30th of July 2010
20/01/2010
The Arizona Department of Insurance has ordered two captive insurance companies owned by trucking companies into receivership, according to court filings in the state.
Thureus Insurance Group and Astraea Risk Retention Group, which are managed by USA Risk Group, were ordered into receivership on 30 December 2009.
Arrow Trucking Company, which has a majority share in both insurers, is said by local news sources to be experiencing financial difficulties, having suspended operations on 22 December, after its bank canceled fuel cards used by truck drivers.
Gary Osborne, president of USA Risk Group confirmed the RRGs had been placed in receivership.
“We found out on 22 December, from some drivers calling us, that the parent was no longer answering the phone and they’d shut their doors,” he said.
“We immediately called the Arizona Department of Insurance (DoI), as we thought they should know in case they wanted to take action - and they did take action.”
The Arizona Department of Insurance confirmed that it had filed a Verified Complaint for Appointment of Receiver and for Injunction with the Superior Court of the State of Arizona, relating to the defendants Thureus Insurance Group and Astraea Risk Retention Group.
Osborne also confirmed that while USA Risk Group did not have access to the defendants' bank accounts it had handed over all the relevant documents relating to the two insurers to the DoI.
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WELCOME TO THE Captive Review Cell Company Handbook 2009 – the second edition of our global directory of cell company jurisdictions. Since we last published this directory, the general attitude toward cell companies seems to have shifted up a gear. Whereas single-parent companies have long ruled the captive roost, a slight uptick in the formation of pure captives at the beginning of this year can’t hide the fact that growth in this market is still sluggish.
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