July 11, 2013

New York Liquidation Bureau

New York Superintendent of Financial Services Benjamin M. Lawksy has been appointed ancillary receiver of Ullico Casualty Company, according to an order approved by The New York County Supreme Court.

The company, which was domiciled in Delaware, was seized by Delaware regulators in March and as it had a negative surplus of $52 million and accrued $380 million in liabilities against assets of roughly $327 million.

Employers who had been insured by Ullico at some point can safely assume that their claims were not handled in the best manner possible. The mishandling of claims by insurance carriers can lead to thousands of dollars in overcharges in workers compensation insurance costs. Even though Ullico may not be able to return workers comp premiums, subsequent insurance companies that you placed your policy with used Ullico's claim experience to determine your premiums. This claims experience can be reduced and you can obtain workers compensation refunds if you act now.