Thursday, October 08, 2009
Penn Treaty May Need $1 Billion to Pay Claims, Regulator Says
Penn Treaty Network American Insurance Co., facing the biggest insurer failure in at least five years, may need more than $1 billion in additional funds to pay claims, a state regulator said.
Penn Treaty “is far more insolvent than originally believed,” Pennsylvania Insurance Commissioner Joel Ario’s office said in an Oct. 2 request for liquidation. Penn Treaty American Corp., the Allentown, Pennsylvania-based parent of the insurer, included the document in a regulatory filing yesterday...
Bloomberg: Penn Treaty May Need $1 Billion to Pay Claims, Regulator Says
Penn Treaty “is far more insolvent than originally believed,” Pennsylvania Insurance Commissioner Joel Ario’s office said in an Oct. 2 request for liquidation. Penn Treaty American Corp., the Allentown, Pennsylvania-based parent of the insurer, included the document in a regulatory filing yesterday...
Bloomberg: Penn Treaty May Need $1 Billion to Pay Claims, Regulator Says
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