Castlepoint National Insurance Company
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NOTICE TO ALL POLICYHOLDERS, CLAIMANTS, CREDITORS, SHAREHOLDERS, AND ALL OTHER PERSONS OR ENTITIES INTERESTED IN CASTLEPOINT NATIONAL INSURANCE COMPANY
NOTICE IS HEREBY GIVEN that on July 28, 2016, the Superior Court of the City and County of San Francisco entered an Order Appointing Conservator, in the case entitled Insurance Commissioner of the State of California v. Castlepoint National Insurance Company, Case No. CPF-16-515183 (“Conservation Order”). Pursuant to the Conservation Order, the California Insurance Commissioner has been appointed as the statutory Conservator of Castlepoint National Insurance Company (“Castlepoint”). The Conservation Order authorizes and empowers the Commissioner, through his Conservation & Liquidation Office, to conserve Castlepoint and its assets for the benefit of Castlepoint’s claimants, creditors and shareholder, as provided in Sections 1010 through 1062 of the Insurance Code of the State of California. The Conservation will not cause any disruption or delay in the delivery of workers’ compensation benefits to injured workers covered under Castlepoint policies. Claimants should continue to work with their current claims administrators. If there is a change in claims administration, you will be notified by the Conservator or one of his contracted parties. All other claims are being evaluated by the Conservator and will continue to be paid where deemed appropriate.
Castlepoint consists of the following companies that were merged prior to Conservation:
Castlepoint Florida Insurance Company
Castlepoint Insurance Company
Castlepoint National Insurance Company
Hermitage Insurance Company
Massachusetts Homeland Insurance Company
North East Insurance Company
Preserver Insurance Company
Tower Insurance Company of New York
Tower National Insurance Company
York Insurance Company of Maine
The Commissioner has also filed a proposed Motion for Order Approving Conservation and Liquidation Plan for CastlePoint National Insurance Company. As part of the Conservation and Liquidation Plan, CastlePoint, CP Re and ACP Re have agreed to commute a stop loss reinsurance agreement for a cash payment of $200 million to CastlePoint. In addition, two Administrative Services Agreements will be entered for the continuity of claims servicing and payment processing. The Superior Court has set a hearing on the Commissioner’s motion to approve the proposed Conservation and Liquidation Plan for September 13, 2016, at 9:30 a.m., in Department 302, at 400 McAllister Street, San Francisco, California, 94102. A copy of the Conservation Order and the proposed Motion and other documents in support of the Conservation and Liquidation Plan can be found on the Conservation & Liquidation Office website at: www.caclo.org. A set of questions and answers concerning the conservation of CastlePoint can befound on the same website. Additional information about CastlePoint can be found on the Company’s website at: www.twrgrp.com or contact CastlePoint at 877-813-8531.
NOTICE IS FURTHER GIVEN that any and all policyholders, claimants, creditors, shareholders, or other persons having any interest in CastlePoint and wishing to submit any written support for, opposition to or comment on the Commissioner’s Conservation and Liquidation Plan motion must file all such papers in support or opposition in the Superior Court and serve on the Commissioner no later than August 23, 2016. Any person or entity interested in the estate or the business assets, or property of CastlePoint and supporting or opposing or otherwise commenting upon the Plan, Conservation Agreement, or Conservation Transaction Agreements, may appear at the September 13 hearing irrespective of whether they have filed papers.
This notice is given and published pursuant to the provisions of Sections 1010 through 1062 of the California Insurance Code for the purpose of conservation and ALL PERSONS ARE HEREBY WARNED THAT FAILURE TO APPEAR AT THE SEPTEMBER 13 HEARING TO PRESENT ANY COMMENT, SUPPORT, OR OPPOSITION TO THE PLAN SHALL RESULT IN IT BEING DEEMED WAIVED AND IT MAY NOT BE CONSIDERED BY THE COURT.
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