Virginia Places Shenandoah Life Insurance Into Receivership
Shenandoah Life Insurance Inc. has been placed into receivership following the cancellation of a merger with another company.
State Commissioner of Insurance Alfred Gross said that the Virginia State Corporation Commission placed the Roanoke insurer in receivership “in an effort to rehabilitate the company.”
No new insurance policies will be written but health, accident and death claims and annuity payments will be paid.
The announcement came a day after Shenandoah announced that American United Mutual Insurance Holding Company had terminated its merger with Shenandoah. American United’s units do business as OneAmerica Financial Partners.
In November, Shenandoah Life reported losing $60 million during the first nine months of 2008.
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Information from: The Roanoke Times, http://www.roanoketimes.com
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