First Keystone Risk Retention Group Inc., an insurer of taxi, limos and other commercial vehicle coverage in Pennsylvania, New Jersey, Maryland and Virginia, has been ruled insolvent and will be liquidated by the South Carolina Department of Insurance.
According to regulatory officials, 80% of First Keystone’s business was in Pennsylvania and New Jersey, with 20% in Virginia and Maryland. Creating a taxi insurance crisis!
Philadelphia-based First Keystone was also licensed to do business in Delaware, North Carolina, Georgia and Massachusetts. Read the disturbing article here
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Philadelphia-based First Keystone was also licensed to do business in Delaware, North Carolina, Georgia and Massachusetts.
The liquidation order was signed on Oct. 21 by Judge L. Casey Manning of the Fifth Judicial Circuit Court in Richland County, S.C.
According to a report quoting a special liquidator appointed by the South Carolina Department of Insurance, First Keystone began writing minimum limits in 2011, but its book of business prior to 2010 was problematic.
First Keystone reportedly had $7 million in annual premium in 2013, with about 800 open claims.
Claims will be accepted until February 2015.