Monarch Life Insurance Co.

News & Analysis

monarch life insurance co. - All News and Analysis

• GAO: Monarch 'blind spot' a reporting weakness. (General Accounting Office investigates receivership of Monarch Life Insurance Co.)

  - 1995-05-01

  The General Accounting Office, in a report on the handling of an insurance company receivership by the Massachusetts Division of Insurance, found that an insurance holding company's reporting requirements can lead to regulators being unable to see a subsidiary insurer's potential failure until too late. The report stated that Massachusetts...

  Tags: FINANCE, General Accounting Office, Insurance

• Monarch Life is again in receivership. (Monarch Life Insurance Co.)

  - 1994-06-20

  Monarch Life Insurance Co has been placed in temporary receivership by the state of Massachusetts as a result of shareholder opposition to the sale of the company's most profitable business, its First Variable Life subsidiary. The divestment of this subsidiary, which sells annuities, would mean Monarch Life would be limited...

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• Monarch files reorganization plan. (Monarch Capital Corp. and subsidiary Monarch Life Insurance Co.)

  - 1992-05-25

  Monarch Capital Corp has filed reorganization plans in bankruptcy court. The plan is based on an earlier agreement with major lenders and the temporary receiver. Monarch Capital and its principal subsidiary, Monarch Life Insurance Co, would emerge from Chapter 11 receivership in summer 1992 with assets of approximately $1.5 billion....

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• Merrill Lynch to buy Monarch's VL service unit. (variable life, Monarch Life Insurance Co.)

  - 1992-02-03

  Merrill Lynch To Buy Monarch's VL Service Unit Merrill Lynch Life Ins. Co. has set its sights on Monarch Life Ins. Co.'s variable life servicing unit, a 140-person operation currently administering 59,000 Merrill annuity contracts, and 26,000 for Monarch. The insurers...

  Tags: Insurance, Merrill Lynch & Co. Inc., policyholder

• With bidding closed, Monarch suitors up to six. (Monarch Life Insurance Co.)

  - 1991-09-09

  Four companies have submitted bids to acquire Monarch Life Ins. Co., raising to six the number of firms interested in the seized insurer, a spokeswoman for the Massachusetts insurance department confirmed. Union Fidelity Life Ins. co., Trevose, PA.; Montgomery Ward Life Ins. Co.,...

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• Penn Mutual is Monarch's new manager. (Penn Mutual Life Insurance Co., Monarch Life Insurance Co.)

  - 1991-06-24

  A Massachusetts state court has appointed Penn Mutual Life to assume management responsibilities for Monarch Life. The decision of the Massachusetts Supreme Judicial Court for Suffolk County approved a management agreement between Penn Mutual Life and Susan Scott, acting commissioner of insurance. ...

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• Monarch Life has at least three suitors. (bidders for bankrupt Monarch Life Insurance Co., Penn Mutual Life Insurance Co., John Head & Partners L.P., group of 11 creditor banks and private investors)

  - 1991-06-10

  The number of Monarch Life suitors has grown to at least three after it was seized on May 30 by the Massachusetts Division of Insurance from its near-bankrupt parent, Monarch Capital Corp., a department spokesman confirmed. Penn Mutual Life, New York merchant bank John...

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• Monarch, banks reach agreement. (Monarch Capital Corp., Monarch Life Insurance Co.)

  - 1990-12-10

  Monarch, Banks Reach Agreement Monarch Capital Corp. and its subsidiary, Monarch Life Ins. Co., have reached a standstill agreement with a group of 16 banks after a drop in net worth placed MCC in default of a $235 million credit agreement. ...

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