SideCars Inc. offers a clarification on Western Insurance Company’s Liquidation : RushPRNews - Newswire & Global Press Release Distribution

Bookmark and Share

SideCars Inc. offers a clarification on Western Insurance Company’s Liquidation

October 21, 2011

SideCars Inc. offers a clarification on Western Insurance Company’s Liquidation

Joplin, MO (RPRN) 10/21/11 — SideCars, Inc., a leading reinsurance administrator for CPI program for dealers who operate their own captive insurance companies, released its statement today in light of recent news regarding Western Insurance Company's court proceedings that declared them insolvent.
Through the years Western was an A.M. Best's rated Insurance Company.  Their recent status upset the industry, and some members of the community have emerged to attack several companies and programs who have worked with Western Insurance Company.  Western Insurance Company did not underwrite the SideCars CPI program, but rather provided a stop-loss policy.

Thus, SideCars released a statement to address these concerns and encourage dealers to contact SideCars, Inc. directly to learn more about the issue or its products and services.

“SideCars, Inc. strives everyday to uphold its commitment to responsibly provide quality service and products to our business partners” said Paul Griego, Vice President.

President, Les Olson C.P.A, of SideCars, Inc. responded to questions on how this affects SideCars’ programs:
"We, like much of the automobile community, were disappointed by the news but fortunately because SideCars strives everyday to deliver better solutions to our customers, we were working on alternative solutions with even more benefits to our dealers than those underwritten by Western.  It's an unfortunate circumstance, but the timing is impeccable.
Western’s liquidation in no way affects the legality of the program administered by SideCars, Inc.  Western’s role was primarily as a compliance carrier and the program continues to be both legal and completely functional in the wake of the Western insolvency.  Our clients understand that the SideCars’ programs are ultimately reinsured into the client’s insurance company where the client has actual constructive control of the cash in their respective reinsurance company’s accounts thus; our dealers’ reserves and funds remain protected.
In lieu of Western Insurance Company’s liquidation, SideCars, Inc. has secured a new carrier to provide the stop-loss policy previously provided by Western.
Had SideCars, Inc. not previously arranged for the replacement of the Western policy, that policy would have continued in effect for at least three months from the entry of the liquidation order."
All of Western’s insurance policies and surety bonds, if any, will continue in force as a claim against Western’s estate for the shortest of the following: “(1) 90 days from the entry of this liquidation order December 12, 2011 at 5:00 P.M. MST; (2) the day on which policy coverage expires; (3) the date the insured replaces or terminates the insurance coverage; or (4) some other date ordered by the Liquidation Court as proposed by the Liquidator.
For questions about the liquidation order please visit:

Media Contact Name: Frank Aranda
Media Phone: 888-800-2251
Media Web Address:
Click here to see all news from this author/company


RUSH PR NEWS newswire and press release services at / Anne Howard

Content- Legal Responsibility - All material is copyrighted - You may repost but you MUST link back to the original post on your page and acknowledge Rush PR News as the news source. Rush PR News is not legally and/or morally responsible for content of press releases, opinions expressed or fact-checking.

Rush PR News cannot be held legally responsible for material published and distributed through its newswire service or published in its press-room and therefore cannot be sued for published material. Third-party must be contacted directly to dispute content.

Rush PR News is not the contact for material published.


Experience simple, fun karaoke at Vator Splash 2015

LOS ANGELES 10/05/15 · Come October 15, join us at Vator Splash...

Enjoy Karaoke in the comfort of your home with Moment

Los Angeles, CA 10/04/15 · We all have a singing moment. After hours...

Co-Founder of OXYwater Sentenced for Wire Fraud and Money Laundering

Washington, DC 10/01/15 · A co-founder of Imperial Integrative Health Research and...

Creative Bioarray Improves Tumor Cells Quality for Life Science Researchers

New York, NY 10/01/15 · - Creative Bioarray ( ), an innovative biotechnology company who...

Wake up your event audience with Livecube’s latest engagement technology

NEW YORK 09/30/15 · Livecube transforms how people connect and share ideas...

Wiknix: tech magazine provides latest gadgets news

New York, NY 09/26/15 · It can be hard to know who to...

New Farm-to-Table Chef Joins Canada's Favourite Spa

GRAFTON, ON 09/25/15 · Ste. Anne's Spa ( has just hired Jeffrey...

Moment Soundbar brings family together with Karaoke home entertainment

Los Angeles, Ca 09/17/15 · With the rising cost of family outings, more...


Los Angeles, Ca 09/16/15 · Moment is the world’s first compact soundbar that...

Moment, the minimalist soundbar to replace all soundbars

Los Angeles, CA 09/15/15 · Moment™: A case of less is more. Moment,...

Join Moment’s Indiegogo crowdfunding campaign on September 22

Los Angeles, Calif. 09/04/15 · Plug and Play Karaoke sound bar with DTS...

ASTEP Launches Latest Corporate Lecture Series in NYC

NEW YORK, NY 09/01/15 · PwC, EY, LinkedIn, Hogan Lovells and Cisco among...