New Century Insurance Company, a property and casualty insurer licensed only in Texas, was placed in receivership receivership and ordered into liquidation by the Travis County District Court in Austin on Sept. 3, according to the Texas Department of Insurance.
The district court issued an order finding New Century was insolvent, placing it into liquidation, and appointing the Texas commissioner of insurance as liquidator. New Century doesn’t have admitted assets equal to its liabilities and has total adjusted capital less than that required under Texas Insurance Code 841, TDI said in a FAQ page for policyholders of the insurer.
Policies with New Century will be cancelled on October 3, 2025, at 11:59 p.m.
Commissioner Cassie Brown has appointed FitzGibbons and Company, Inc as the Special Deputy Receiver (“SDR”) to administer the New Century estate. Policyholders with new claims are asked to report claims to FitzGibbons and Company.
The Texas Property and Casualty Insurance Guaranty Association (TPCIGA is now responsible) for paying covered claims for New Century policyholders subject to statutory limits, Fitzgibbons and Company said in a notice to agents and brokers of New Century.
More information can be found here.
Topics
Texas
Carriers
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