Booker T. Washington Insurance insolvent: historic firm enters voluntary receivership.

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From: Black Enterprise
Date: 20060501
Author:McKinney, Jeffrey

Booker T. Washington Insurance Co. Inc. (No. 4 on the BE INSURANCE COMPANIES list with $56.2 million in assets) agreed to work with regulators in Alabama to save the company from collapsing and being forced to go out of business.

The Birmingham-based company, which had assets of about of $54 million as of March 2005, voluntarily submitted to being placed into receivership earlier this year by the Alabama Department of Insurance after an examination of the company found it had about $4.3 million more m financial obligation than it could afford to pay.

The company has been ...

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