Key Insurance, a Kansas-based insurer specializing in non-standard auto, was placed into liquidation this week after a court ruled the company insolvent.
The Shawnee County District Court ordered the liquidation of Key on March 31 after reviewing significant evidence that Key’s liabilities exceed its admitted assets. The court found that Key’s consistent underwriting losses, existing claims and negative policyholders’ surplus “demonstrate a substantially deteriorating financial position equating to insolvency.”
The court appointed Kansas Insurance Commissioner Vicki Schmidt as liquidator, and Schmidt appointed Jodi Adolf and Bruce Baty as the special deputy receivers to carry out the day-to-day responsibilities of the…
