OTHER NEWS - Sept. 4, 1992
Insurer Ordered Liquidated After Riot Losses: Overwhelmed by $22 million in claims from the Los Angeles riots, Western International Insurance Co. of Huntington Beach was ordered liquidated. The order, by a Superior Court judge in Santa Ana, came after the firm missed a 4 p.m. Thursday deadline to secure $3.2 million in new capital to replace what was wiped out by riot losses. State insurance regulators seized Western on Aug. 10. Claims not covered by the firm’s remaining assets will be paid by the state insurance guaranty fund. A Department of Insurance spokesman said the amount the fund must pay is still undetermined.
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