Industry News

June 1998 Issue

Keep Me Covered

Following American Eagle’s demise, some owners may get stiffed on old claims.

American Eagle Insurance Co., the flagship of the American Eagle Group and the erstwhile official insurance company of the AOPA, slipped gurgling beneath the waves as it went into receivership late last year. The company had been under the conservatorship of the Texas state insurance department since the preceding July.

Most of its customers have found shelter elsewhere—either with other companies or through fronting arrangements with other underwriters. The large unanswered question, however, is whether Eagle will be able to pay claims relating to incurred-but-not-filed losses. We suspect that in this regard, some customers may come up short.

American Eagle and predecessor, A, had...

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