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The Pennsylvania Commonwealth Court Approves Liquidation of First Sealord Surety Insurance, and Bonds Issued By This Surety Will Terminate Within 30 Days

On February 8, 2012, the Pennsylvania Insurance Department (the “Department”) announced that the Pennsylvania Commonwealth Court approved its petition to liquidate First Sealord Surety Insurance.

According to the Department’s Commissioner, Michael Consedine, the Department petitioned the Commonwealth Court for a liquidation order because “First Sealord Surety is no longer able to meet its policyholder obligations or pay its debts as they come due.”

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