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Highlands Insurance Group Considers Bankruptcy
By Michelle Logsdon - April 17, 2002

Highlands Insurance Group, Inc. is considering reorganization under Chapter 11. The company owes $47.5 million in senior bank debt that it will be unable to pay by the April 30 due date. Plus, Highland’s primary source of funding, dividends from its subsidiaries, has dried up due to losses incurred by those subsidiaries and recent state regulatory orders.

Four lines that experienced losses include business workers’ compensation, general liability, commercial multiple peril and commercial auto liability. For the past three years, Highlands Group has seen costs for its asbestos and environmental claims skyrocket. In 1999 the company paid $1.8 million for those claims. That jumped to $7.8 million in 2000 and $14.8 million in 2001.

Highlands net losses for the fourth quarter of 2001 were reported as $276.9 million compared to $115.1 million for the fourth quarter of 2000.

The company’s 2001 net losses topped off at $341.9 million. That compares to a net loss of $106.6 million in 2000.

Highlands has eight offices across the country. Two of the offices are in Woodland Hills, CA and in Tustin, CA. California’s Department of Insurance, along with insurance regulators from Texas and Wisconsin, allowed the company to take a five percent discount on its loss and loss-adjustment-expense reserves in its 2001 annual statement for subsidiaries domiciled in those areas. The move allowed Highlands Insurance Co., Northwest National Casualty Co. and Pacific National Insurance Co. avoid a negative surplus for that year.

Reinsurance problems added to Highlands' financial woes. The company established reserves for potentially uncollectible reinsurance in the amount of $10.4 million in 2001 and $7.4 million in 2000.

Supervisory and protective orders were issued by the Texas Department of Insurance, as well as the Wisconsin Insurance Department to cover the company’s subsidiaries in those states.

Highlands quit writing new and renewal business in December 2001 except when it was legally required. The New York Stock Exchange quit trading the company’s stock that same month.

 
 

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