Liquidating an insurance company takes many years.
LaSalle Re took ten years (2003 to 2013). Preferred holders eventually received $10.60.
Acceptance Insurance Companies, Inc. filed for Chapter 11 bankruptcy in 2005. The case converted to Chapter 7 in 2010. Preferred holders will eventually receive a distribution well in excess of the last trade of nine cents. See AICPQ.
Other names include Primus Guaranty in the CDO space and mortgage insurers Triad Guaranty and PMI Group.
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