Villanova Insurance

Legion Insurance insolvency worsens

January 9, 2008

The net deficit of Legion Insurance Company, a former operating subsidiary of Bermuda-based Mutual Risk Management Ltd., increased by $15 million to $637 million in the third quarter of 2007, according to the latest liquidators report.

Legion Insurance’s net deficit increases to $622 m

October 13, 2007

The net deficit of Legion Insurance Company, a former operating subsidiary of Bermuda-based Mutual Risk Management Ltd., increased by $8 million to $622 million in the first six months of 2007, according to the latest liquidator's report. At June 30, 3007, Legion had assets of $2.73 billion and liabilities of $3.35 billion, reported the Commonwealth of Pennsylvania Insurance Department, which is liquidating Legion.

Insolvencies of ex-MRM subsidiaries balloon in 2006

March 9, 2007

The net insolvencies of two former operating subsidiaries of Bermuda-based Mutual Risk Management Ltd. rocketed from $334.3 million to $852.6 million in 2006, according to their liquidator. The deficits of Legion Insurance Company and Villanova Insurance Company increased from $225.3 million to $614 million and from $109 million to $238.6 million, respectively, during the year.

US court denies petition to depose Mutual Indemnity & David Alexander

March 31, 2005

A U. S. court has denied a petition by two Wisconsin based insurers to collect evidence from Mutual Indemnity (Bermuda) Ltd. and its President, David Alexander.The U. S. District Court for the Eastern District of Pennsylvania did not have jurisdiction

Mixed month for Mutual Risk Management

July 31, 2003

July was a significant month for Mutual Risk Management, with two of its subsidiaries going into liquidation in the United States and a scheme of arrangement being approved for the company itself.The bad news for the firm came when liquidation orders were issued for Legion Insurance and Villanova Insurance by the Commonwealth Court of Pennsylvania on July 28.

MRM subsidiaries to go into liquidation, judge criticizes Pennsylvania regulator

June 30, 2003

A Pennsylvania judge has criticized state insurance regulators in the United States and reinsurers for failing to save two property and casualty subsidiaries of Bermuda-based Mutual Risk Management. On June 26, Judge Mary Hannah Leavitt granted petitions from Pennsylvania Insurance Commissioner Diane Koken to liquidate Legion Insurance Co. and Villanova Insurance Co.

Mutual Risk Management finally files 2001 financials

November 30, 2002

At a time when Mutual Risk Management was desperate for cash to meet its liabilities, its then Chairman and CEO, Robert Mulderig, owed the firm an advance of $318,303, according to an SEC filing. Details of the debt, which has

MRM insurance subsidiaries taken over by Pennsylvania regulator

March 31, 2002

Mutual Risk Management subsidiaries Legion Insurance Co. and Villanova Insurance Co. have gone into "voluntary rehabilitation" following court action by Pennsylvania Insurance Commissioner Diane Koken. The rehabilitation orders, which were granted by the Commonwealth Court of Pennsylvania on March 28, 2002, become effective April 1, 2002.

MRM subsidiaries enter rehabilitation in Pennsylvania

March 29, 2002

Mutual Risk Management subsidiaries Legion Insurance Co. and Villanova Insurance Co. have gone into “voluntary rehabilitation” following court action by Pennsylvania Insurance Commissioner Diane Koken. The rehabilitation order, which was granted by the court on March 28, 2002, becomes effective April 1, 2002.