Six reinsurance companies with unpaid claims owed...
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Six reinsurance companies with unpaid claims owed to defunct Mission Insurance Co. were ordered to pay $20.2 million into an escrow account pending completion of arbitration, according to California Insurance Commissioner Roxani Gillespie, who is liquidating the Los Angeles-based insurer. In related litigation, Gillespie sued 144 insurers seeking $700 million in reinsurance claims allegedly owed to Mission, and last month she added another 130 defendants to the suit. Liquidation of Mission and four subsidiaries began in February, 1987.
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