Payments To Claimants Of Defunct Insurance Company Top $1-Billion

A Cole County Circuit Court Judge has authorized a final 2001 payment of $280-Million to claim holders of the defunct Transit Casualty Insurance Company, bringing the total payments to date in the case to more than $1-Billion. Transit went into receivership in 1985. That receivership has collected almost $1.6-Billion and will have paid out more than $1.2-Billion by the time it is dissolved. The expenses will have totaled approximately $350-Million. Judge Byron Kinder, who is overseeing the insolvency, hiked the payments to 70-cents on the dollar to Transit’s claimants.