Western Specialty in Liquidation
Friday, May 10th, 2002 Legislation & Regulation Risk ManagementIllinois 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.
