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Archive Stories
Archived stories from Nov 2017

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US Personal Insurer Brokebank Could Face Problems

By our US correspondent Rodney Hunsucker

A spokesperson for US personal lines insurer Brokebank said today that the company is out of money. Claimants from Florida to Texas have bled the company dry. Illinois insurance regulators confirmed that Brokebank?s statutory capital is quite low.

Ralphie Lipshitz, spokesperson for the Illinois Department of Insurance, confirmed today that Brokebank has a grand total of US$124.45 in the bank, and the state is seriously considering its options, including, possibly, liquidation. Lipshitz said that if the company cannot raise at least another US$2 billion in capital by the end of December 30, 2020, the state may be forced to intervene.

Meanwhile, many Brokebank customers, peeved over the company?s refusal to honour their catastrophic windstorm claims, have asked their lawyers to write stern yet cordial letters to Brokebank?s president, Myles Malarkey, stating their concerns. Malarkey could not be reached for comment, but a spokesperson confirmed that the president has indeed received several letters from customers, but none were particularly offensive or mean-spirited.

The insurer rating agency, Grumpy Glitch Wurst & Rich?s, released a statement that hinted that if Brokebank?s financial situation did not improve within the next decade or so, it might possibly consider a rating downgrade, though only as an absolute last resort.


Other news from Nov 2017
 
Travelating the Wave of Insurability
the serious stuff
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