Jane Dotson
Maidstone Insurance Company, a personal auto and homeowners insurance carrier, was ordered into liquidation on February 13, 2020. The company, which was a subsidiary of Standard Diversified Inc., had over 500 appointed brokers and 23 state licenses. With the liquidation, existing claims and policies were impacted, and customers with open claims at the time of liquidation were advised to reach out to the court-appointed liquidator or CIGA for assistance. While Maidstone Insurance Company is no longer in operation, its customers can still seek guidance and support to resolve their claims and policy-related matters.
| Characteristics | Values |
|---|---|
| Current status | Liquidated/Insolvent |
| Date of liquidation | 13/02/2020 |
| Last date to file a proof of claim (POC) with the liquidator/receiver | 13/02/2021 |
| Number of state licenses | 23 |
| States with licenses | NY, TX, CA, IL |
| Parent company | Standard Diversified Inc. |
| Previous owners | Northwood Ventures, Interboro Holdings, OneBeacon |
| Previous names | AutoOne Insurance |
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What You'll Learn
- Maidstone Insurance Company was ordered into liquidation on February 13, 2020
- The company was sold to Special Diversified Opportunities (SDOIA) in 2018
- CIGA will handle claims for the insolvent insurer
- The company has 23 state licenses, including New York and California
- Maidstone Insurance Company is a subsidiary of Standard Diversified Inc
Maidstone Insurance Company was ordered into liquidation on February 13, 2020
Maidstone Insurance Company, a personal auto and homeowners insurance carrier, was ordered into liquidation on February 13, 2020. The company, which was a wholly owned subsidiary of Standard Diversified Inc., had a focus on customer protection and aimed to provide comprehensive coverage at competitive prices.
The liquidation order impacts existing claims and policies issued by Maidstone Insurance Company. For individuals with open claims prior to the liquidation order, the court-appointed liquidator is expected to forward these claims to CIGA (California Insurance Guarantee Association). CIGA will also need to be involved for closed claims or new claims filed after the liquidation date.
In the case of policies cancelled due to the liquidation, policyholders may be eligible for a refund of unearned premiums. To initiate this process, individuals need to provide their policy number and contact information.
The liquidation also affects individuals or organizations with outstanding issues unrelated to claims or policies. In such cases, CIGA may not be able to provide assistance, and they may need to reach out to the court-appointed liquidator/receiver, who is the custodian of records for Maidstone Insurance Company.
The last day to file a proof of claim (POC) with the liquidator/receiver was February 13, 2021. CIGA is committed to expediting the handling of all claims, but some delays may occur as they must obtain claim files from the liquidator of the insolvent insurer.
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The company was sold to Special Diversified Opportunities (SDOIA) in 2018
Maidstone Insurance Company, a personal auto and homeowners insurance carrier, was sold to Special Diversified Opportunities (SDOIA) in 2018. The sale was facilitated by Stonybrook Capital, which served as the financial advisor to Northwood Ventures and other investors.
Maidstone Insurance Company, originally operating under the name AutoOne Insurance, was first acquired by Interboro Holdings in 2011 and was later rebranded as Maidstone in 2013. Interboro Holdings itself was acquired by Northwood Ventures in February 2007.
At the time of its sale to SDOIA, Maidstone Insurance had more than 500 appointed brokers and held 23 state licenses, including in key states such as New York, Texas, California, and Illinois. The company prided itself on its focus on customer protection and providing comprehensive coverage at competitive prices.
However, despite this apparent success, Maidstone Insurance Company faced financial difficulties and was ordered into liquidation on February 13, 2020. This liquidation affected existing policies and claims, with customers being advised to reach out to the relevant authorities to understand their options for refunds or continuing coverage.
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CIGA will handle claims for the insolvent insurer
Maidstone Insurance Company was ordered into liquidation on February 13, 2020. CIGA (California Insurance Guarantee Association), a statutory association created by the California Legislature, will handle claims for the insolvent insurer. CIGA's purpose is to serve Californians by paying claims to policyholders and claimants of insolvent licensed property and casualty insurance carriers.
CIGA is funded by assessments of Member Insurers, distributions from the estates of insolvent Member Insurers, and investment income. It has three separate funds: one for workers' compensation claims, one for homeowners and automobile claims (including personal injury), and one for all other claims. CIGA is authorized to pay and discharge only certain "covered claims" as defined by the California Insurance Code. These "covered claims" may be more limited than the coverage that would have been provided by the insolvent insurer. To qualify as a "covered claim", the claim must satisfy the requirements set forth in California Insurance Code Sections 1063.1 and 1063.2, including being presented to the Liquidator or CIGA before the last date fixed for the filing of claims in the liquidation proceeding.
CIGA will endeavour to contact each person with an open claim filed with the insolvent insurer. If your claim was open at the time of liquidation, the court-appointed liquidator should forward it to CIGA. If your claim was closed at liquidation or you are filing a new claim, CIGA will need to request your claim from the liquidator on your behalf. There may be some delays as CIGA must first obtain the claim files from the Liquidator.
For non-emergency services, claimants can contact their CIGA Claims Adjuster or send an email to [email protected]. Legal expenses incurred prior to the insolvency date should be directed to the liquidator of the insolvent insurer.
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The company has 23 state licenses, including New York and California
Maidstone Insurance Company, a personal auto and homeowners insurance carrier, was ordered into liquidation on February 13, 2020. The company held 23 state licenses, including in prominent insurance markets such as New York, Texas, California, and Illinois.
The company's roots can be traced back to its operation under the name AutoOne Insurance, which was acquired by Interboro Holdings in 2011. Two years later, in 2013, it was rebranded as Maidstone Insurance Company. Interboro Holdings itself was acquired by Northwood Ventures in February 2007, and Maidstone Insurance was later sold to Special Diversified Opportunities (SDOIA).
As a result of the liquidation, existing claims and policies were impacted. The California Insurance Guarantee Association (CIGA) stepped in to handle claims, with certain limitations and restrictions on coverage compared to the original policies. CIGA is authorized to pay only specific "covered claims" as defined by the California Insurance Code Sections 1063.1 and 1063.2. The last day to file a proof of claim with the liquidator/receiver was February 13, 2021.
The liquidation of Maidstone Insurance Company highlights the importance of regulatory oversight and consumer protection in the insurance industry. While the company had a presence in multiple states, its closure impacted customers across these states, underscoring the need for robust safety nets and alternative arrangements to protect policyholders in such scenarios.
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Maidstone Insurance Company is a subsidiary of Standard Diversified Inc
Maidstone Insurance Company was ordered into liquidation on February 13, 2020, and while this may have raised concerns about the company going out of business, it is important to note that the company has since been acquired by Special Diversified Opportunities (SDOIA), a holding company. Maidstone Insurance Company is, in fact, a wholly-owned subsidiary of Standard Diversified Inc.
The history of Maidstone Insurance Company includes several acquisitions and rebrandings. Originally operating under the name AutoOne Insurance, it was acquired by Interboro Holdings in 2011 and later rebranded as Maidstone in 2013. Interboro Holdings itself was acquired by Northwood Ventures in 2007, who then sold Maidstone Insurance to SDOIA.
As a subsidiary of Standard Diversified Inc., Maidstone Insurance Company is a personal auto and homeowners insurance carrier with a strong focus on customer protection. They aim to provide comprehensive coverage at competitive prices, creating value for their customers. With more than 500 appointed brokers and 23 state licenses, including in New York, Texas, California, and Illinois, Maidstone Insurance has a significant presence in the personal lines insurance market.
The liquidation of Maidstone Insurance Company in 2020 may have caused disruptions for policyholders, but the involvement of Standard Diversified Inc. and the subsequent acquisition by SDOIA likely ensured a level of stability and continuity for the business. While there may have been concerns about outstanding claims and policy issues during the liquidation process, it appears that Maidstone Insurance Company, under the ownership of Standard Diversified Inc., has navigated through this challenging period with the support of the California Insurance Guarantee Association (CIGA).
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Frequently asked questions
Yes, Maidstone Insurance Company was ordered into liquidation on February 13, 2020.
If you had an existing claim open prior to the company being ordered into liquidation, the court-appointed liquidator should forward it to CIGA (California Insurance Guarantee Association). If your claim was closed at the time of liquidation, CIGA will need to reach out to the court-appointed liquidator on your behalf.
If your policy with Maidstone Insurance was cancelled before its maturity or expiration date due to the company's liquidation, you may be eligible for a refund of the unearned premium. You will need to provide your policy number and contact information.
CIGA is authorized to pay only certain "covered claims". To qualify as a "covered claim", the claim must satisfy the requirements set forth in California Insurance Code Sections 1063.1 and 1063.2, including being presented to the Liquidator or CIGA before the last date fixed for filing claims.
