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.
Increase text size
Captive Insurance Database (CID) is the world's leading and most comprehensive online source of captive market intelligence.
CID gives users instant access to the names of parent companies who currently own a captive. It also gives you the captive name, manager, license date and the type of captive the parent company are running. Uniquely CID also contains vital contact information on captive owners and sponsors. This can be used to chase after new business or simply to get a better grasp of the market
CID will start helping you in,
• Winning more business proactively – Search from 5,292 captives and over 3,000 captive owners who you can offer your services to.
• Increasing profit and efficiency – Target specific captive owners and sponsors quicker, saving you time.
• Building relationships – Detailed contact information for each decision-maker
An annual CID license costs just £1,195 + VAT.
Already a CID user? LOGIN to the database here.
Order a 2 year subscription and SAVE 25%
The license includes full online access to CID and a free annual hardcopy of CID (worth £610) . To find out more contact Ryan Nash on +44 (0) 20 7029 4065
or r.nash@pageantmedia.com
Search A.M. Best's extensive database of life/health, property/casualty and insurance companies worldwide.
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.
Pellentesque feugiat arcu vitae lacus elementum in ullamcorper diam pulvinar. In odio massa, facilisis sed dignissim vel, vehicula ac diam. Curabitur tempor, quam nec aliquam tempus, dui lorem venenatis arcu
Mauris accumsan orci ut turpis placerat condimentum. Ut sit amet lobortis purus. Class aptent taciti sociosqu ad litora torquent per conubia nostra, per inceptos himenaeos.
European Captive Forum 13-14 November 2012 Luxembourg European Captive Forum is the Europe's leading...
European Captive Forum
Captive Live USA ,10–11 September 2012, Fairmont Hotel, Chicago. Now in its 2nd year,...
We at Captive Review are keeping a close eye on Malta, not only because of its reputation as a high-quality captive domicile, but also because it is on the forefront of Solvency II.
Originally planned as an insurance and reinsurance directive, Solvency II has undoubtedly unnerved the captive insurance industry.
![BNY Mellon [North America]](/article_images/articledir_3397/1698882/1_80by80.jpg)
Be the first to comment on this article!