The number of insurance companies that failed in 2004 declined 48 percent to 13, compared to 25 insurer insolvencies in 2003, according to Weiss Ratings. Three life and health insurers and 10 property and casualty insurers failed last year, compared to four and 21, respectively, in 2003.

The 13 failed insurers in 2004 were National Health, Grand Prairie, Texas; MIIX Insurance Co., Lawrenceville, N.J.; Capitol Life, Golden, Colo; Interboro Mutual, Mineola, N.Y.; Life and Health Ins., Philadelphia; Statewide Insurance, Waukegan, Ill.; Cascade National, Seattle; American Superior, Plantation, Fla.; Cumberland Casualty, Tampa, Fla.; New America, N. Lauderdale, Fla.; State Capital, Lawrenceville, N.J.; Pinnacle Casualty, Montgomery, Ala.; and Carrol County Mutual, Westminster, Md.

"Insurers have been reporting robust profits for several quarters now, which reflects both an improved security market and economic growth, resulting in fewer company failures compared to the numbers reported several years ago," said Melissa Gannon, vice president of Weiss.

Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader

Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
  • Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.