Arkansas’ United Home Placed In Receivership
Arkansas’ United Home Insurance was placed in receivership by the Pulaski County Circuit Court on September 6.
Arkansas Insurance Commissioner Alan McClain was appointed receiver. United Home consented to the receivership for the purpose of its rehabilitation. The receivership does not apply to its affiliate, Farmers Home Mutual Insurance Company.
As receiver, the Arkansas commissioner will take possession of United Home’s property, conduct business, and take steps to rehabilitate the business as the circuit court directs. If rehabilitation is not feasible, the commissioner will petition the Pulaski County Circuit Court for an order of liquidation.
Based in in Paragould, Arkansas, United Home experienced a decline in its financial condition due to substantial weather-related losses, the Arkansas Department of Insurance said in a statement. The company is licensed to do business in nine states, but currently writes business only in Arkansas, Kentucky, Missouri, Oklahoma, and Tennessee.
“Recent natural disasters have had a devastating effect on businesses throughout the state and the nation, and unfortunately the insurance industry is not immune,” McClain said. “Our goal with this process is to make sure that the company’s policyholders with outstanding claims get the money they need and deserve. If you have a policy with United Home, you are still insured and you can still file a claim.”
United Home policyholders will see their policies continue pursuant to their terms and conditions and claims can be submitted as usual.
Policyholders, claimants, agents, brokers, or attorneys with questions about the rehabilitation can contact United Home at 800-467-0723 or Deputy Receiver Michael Surguine at 501-371-2776 or michael.surguine@Arkansas.gov.