Judge Approves Sale Of Insolvent Insurer’s Australian Subsidiary
Mealey's (June 15, 2016, 12:01 PM EDT) -- CHICAGO — An Illinois judge on June 10 approved the sale of an Australian insurer owned by an insolvent Illinois insurer in liquidation (People of the State of Illinois, ex rel. Andrew Boron, Director of Insurance of the state of Illinois v. Lumbermens Mutual Casualty Co., No. 12-24227, Ill. Cir., Cook Co.).
(Order available. Document #10-160624-027R.)
Judge Kathleen M. Pantle of the Cook County Circuit Court declared Lumbermens Mutual Casualty Co. (LMC) to be insolvent on May 10, 2013. Judge Pantle granted the petition of Illinois’...