Bedivere Insurance Company has been placed into liquidation and a deadline of December 31, 2021 has been set as the deadline for policyholders to file a Proof of Claim.
The Pennsylvania Commonwealth Court has ordered Bedivere Insurance Company to be liquidated and the Pennsylvania Insurance Commission has taken over its remaining assets. Bedivere Insurance Company’s year-end 2020 financials showed a negative $227.5 million in policyholder surplus. The policyholder surplus at the end of 2019 was $24.2 million. Asbestos losses drove the deterioration.
Bedivere Insurance Company has a convoluted corporate history. It was formerly known as OneBeacon Insurance Company. Several companies historically were part of OneBeacon Insurance Company including American Employers’ Insurance Company, Commercial Union Assurance Company (and other Commercial Union related insurance companies), Employers’ Surplus Lines Insurance Company, Employers’ Liability Assurance Corporation, Ltd., and General Accident Insurance Company. In December 2014 OneBeacon Insurance Company was acquired by Trebuchet US Holdings, Inc., a wholly owned subsidiary of Armour Group Holdings Ltd. In December 2020 The Employers Fire Insurance Company, Lamorak Insurance Company, and Potomac Insurance Company were merged into Bedivere Insurance Company.
Information regarding the liquidation can be found on the Pennsylvania Department of Insurance liquidation website. Here is the link to the policyholder notice. The deadline for submitting a Proof of Claim is December 31, 2021. Here’s the link to the Proof of Claim form.
Policyholders should review the Proof of Claim form and begin to gather the necessary information and documentation to complete the Proof of Claim and submit it with supporting documentation by the December 31, 2021 deadline.