# Western Specialty in Liquidation 

_News_

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Illinois Insurance Director Nat Shapo announced that the Cook County Circuit Court issued an Order of Liquidation against Western Specialty Insurance Company of Oak Brook, Ill., on May 6, following a determination by the Department of Insurance that the company's surplus was impaired by an amount in excess of $1 million, and at the request of the company's board of directors. 

Western Specialty is a wholly owned subsidiary of Western Holdings Incorporated. The company was originally incorporated in April 1986 as Oak Brook Property and Casualty Insurance Company, a wholly owned subsidiary of First Oak Brook Corporation Syndicate, which was placed into liquidation in 1996. The current name was adopted upon the sale of a majority interest in the company to current ownership in 1996.

Sources:
- Insurance Journal (http://www.insurancejournal.com/news/midwest/2002/05/10/16490.htm)