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Insurance company goes under after California’s most destructive wildfire

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Desdemona Despair

Aerial view of homes incinerated by the Camp Fire on Valley Ridge Drive in Paradise, California, on 3 December 2018. Photo: Noah Berger / AP Photo

By Holly Yan and Chris Boyette
4 December 2018

(CNN) – California’s Camp Fire didn’t just kill dozens of people and destroy thousands of homes. It also left an insurance company in financial ruins, unable to pay millions of dollars to policyholders.

A state judge ruled that Merced Property & Casualty Co. can’t meet its obligations after last month’s Camp Fire, the deadliest and most destructive wildfire in California history.

Merced’s assets are about $23 million, but it faced about $64 million in outstanding liabilities just in the city of Paradise, court filings show.

Judge Brian McCabe’s decision allows the California Department of Insurance to take control of Merced. According to court documents, the state’s Conservation & Liquidation Office will start liquidating what’s left of the company. [more]

Insurance company goes under after California’s most destructive wildfire



Source: http://www.desdemonadespair.net/2018/12/insurance-company-goes-under-after.html
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