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DELAWARE INSURANCE COMMISSIONER: ORDER OF LIQUIDATION ISSUED AGAINST INTERNATIONAL UNDERWRITERS INSURANCE COMPANY

 DOVER, Del., March 11 /PRNewswire/ -- Delaware Insurance Commissioner Donna Lee H. Williams announced today that an Order of Liquidation has been issued against International Underwriters Insurance Company, a Delaware domestic insurer with offices located in Dallas, Texas, and Dover, Del.
 The company writes property and casualty insurance in three states, including Delaware, Texas and Maryland.
 The Department of Insurance first became aware of problems at International Underwriters when it learned in October that the company's quota share reinsurance had been canceled effective Sept. 30, 1992. The result of this cancellation was to return to International losses that it had previously ceded to the reinsurer. On top of the loss of its reinsurance, in 1992 the insurer wrote a significant amount of insurance in Texas which appears to have been underpriced and will cause significant losses to the company. With the loss of its reinsurance, these losses fall directly on the insurer.
 The company wrote approximately $2.5 million of business in Delaware during 1992. Most of the business was written in Texas, and it is that business on which the company has suffered losses.
 The Order of Liquidation was presented to the Delaware Court of Chancery on March 11, 1993. All policies in force will be canceled at the end of 30 days. The Delaware Insurance Guaranty Association will pay the claims of policyholders not exceeding $300,000 and refund unearned premium in an amount up to $10,000. All insureds of International Underwriters should contact their agents for replacement coverage.
 -0- 3/12/93
 /CONTACT: Donna Lee H. Williams, Delaware Insurance commissioner, 302-739-4251/


CO: Delaware Department of Insurance; International Underwriters
 Insurance Company ST: Delaware IN: INS SU:


CC-MK -- PH013 -- 5489 03/12/93 12:08 EST
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Publication:PR Newswire
Date:Mar 12, 1993
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