Commonwealth Court has granted the Pennsylvania Insurance Department’s petition to liquidate Hamilton Insurance Company, effective last Thursday, Aug. 3. The company’s board of directors consented to the liquidation. The Insurance Department is preparing a petition to file with the court seeking a finding of insolvency.
Hamilton, of Fort Washington, Montgomery County, offered non-standard or high-risk auto insurance to approximately 16,000 policyholders primarily in Southeastern Pennsylvania.
“The department had been working with Hamilton to find solutions that would provide the necessary funding to pay claims. Unfortunately, the solutions proposed by the company just weren’t viable or helpful to policyholders, so the liquidation was necessary,” Insurance Commissioner Diane Koken said. “We have examiners on site to gather the data necessary to substantiate the insolvency.”
The Insurance Department’s Office of Liquidations will mail notices to all affected parties, including policyholders, businesses, providers and organizations that may have claims against Hamilton to advise them that the company is in liquidation. The notice also will describe how the parties can file a claim against Hamilton in liquidation.
Was this article valuable?
Here are more articles you may enjoy.
Nationwide: Consumers Say Insurance Should Evolve for Micromobility Vehicles 
NYC Mayor Eyes City-Run Insurance Program for Affordable Housing 
Florida Needs More – Much More – Wind Mitigation, Say Experts at OIR Summit 
Viewpoint: Why Brokers Have Little to Fear and Everything to Gain From AI 
