Pennsylvania Insurance Commissioner Diane Koken announced that the State’s Commonwealth Court granted the Department’s petition to place PHICO Insurance Company of Mechanicsburg under rehabilitation. The move was triggered when PHICO, which specializes in medical malpractice coverage, filed a late quarterly statement showing a surplus of $6.8 million, a sharp decline from the $127 million it had at the end of the year. Koken said that the dramatic decrease imperiled the company’s assets, and required immediate action.
Was this article valuable?
Here are more articles you may enjoy.
Berry Producer Driscoll’s Sued Over Alleged Greenwashing, Use of Forever Chemicals 
After 55 Years in Florida Insurance, Tom Lynch Reflects on Agencies, Changes Needed 
NYC Halts Construction at 222 Broadway Office-to-Residence Tower 
Jury Awards 78-Year-Old Victim $56 Million for Crash Caused by Amazon Delivery Driver From This Issue
