John P. Harrington (5242) Cecilia M. Romero (9570) HOLLAND & HART LLP 222 South Main Street, Suite 2200 Salt Lake City, UT 84111 Telephone: 801.799.5800 Facsimile: 801.799.5700 Attorneys for Wasatch Crest Insurance Company in Liquidation and Wasatch Crest Mutual Life Insurance Company in Liquidation IN THE THIRD JUDICIAL DISTRICT COURT SALT LAKE COUNTY, STATE OF UTAH In Re: REPORT ON STATUS OF LIQUIDATION ESTATE FOR PERIOD ENDING WASATCH CREST INSURANCE DECEMBER 31,2014 COMPANY IN LIQUIDATION Case No. 030915527 (Case No. 030915528 is consolidated with Case No. 030915527) Judge Todd M. Shaughnessy The Court appointed Liquidator of Wasatch Crest Insurance Company i ("WCIC"), (i.e., Utah Insurance Commissioner, Todd Kiser, (Liquidator)), b Special Deputy Liquidator, Len Stillman and his legal counsel, hereby files th Of Liquidation Estate For Period Ending December 31, 2014 pursuant to the issued July 31,2003, and pursuant to UTAH CODE ANN., 3 la-27-314. The c Crest Mutual Insurance Company (Civil No. 030915528) ("WCMIC") is adm
consolidated with the case of Wasatch Crest Insurance Company in Liquidati 030915527). This is a Report on the status of the liquidation estate. A financial rep liabilities of the liquidation estate of WCIC is attached hereto. 1. Brief History This item has been deleted because it appears in previous reports. 2. Administrative Update Liquidation estate activities related to evaluating claims has been comple see Claims section below). The liquidation estate has no employees. Remaini work is done by independent contractors shared with other Utah liquidation e activity and related expenses has ended except for legal fees and administrati to the claim noted below. 3. Claims The claim bar date passed on July 31, 2004. Only one claim remains ope liquidation estate. After two previous unsuccessfiil appeals to the Utah Supre claimant's counsel continues to appeal the Liquidator's claim determination currently before the Utah Court of Appeals and scheduled for hearing on Jun resolution of the appeal, the Liquidator will proceed to close the liquidation e the statutory requirements. 4. Affected State Guaranty Associations: All GA claims are paid The total amounts that have been distributed to state OA's are as follows 2
UT P&C UT L&H CA ID P&C NV Class 2 * $175,489.57 $108,235.22 $37,420.00 $2,849.56 Class 3 * $0.00 $2,000.00 $6,356.00 $0.00 Total* $2,768,662,47* $175,489.57 $110,235.22 $43,776.00 $2,849.56 Excludes distributions previously approved by the court and reporte court reports. Total new payment to UPCIGA was $2,768,662.47 w class 2 and class 3. The grand total of all current and prior distribu UPCIGA is $11,847,619.52. 5. Other Claims General creditor class claims are not covered by any guaranty associatio (general creditor class) claims have been determined except for a Class 6 rein by an affiliate, Wasatch Crest Mutual Insurance Company (WCMIC), in Liqu with a priority classification number higher than Class 6 will receive no distr There are no other claims with lower priority. General Creditor claiman partial distribution; however, the timing and amount are uncertain. Note: Cla is based on the statute in effect at the time of the commencement of the receiv statute, 31 A-27a-101 et seq. only applies to receiverships commenced after 6. Records The Special Deputy has reviewed old records of WCIC and its predecesso Records no longer considered necessary for either historical or practical use pursuant to the Liquidation Order entered in this case. Destruction of unneed complete. Closed claim files that were in storage have been scanned which ha storage costs. These scans will be provided to Utah Property & Casualty Insu 3
Association ("UPCIGA") prior to the liquidation estate closure if so requeste claim files which may be re-opened have been sent to UPCIGA. 7. Reinsurance Available reinsurance funds have been collected through a commutation agreement previously approved by this Court. Proceeds from the commutation distributed to UPCIGA (see above). 8. Miscellaneous All public information regarding the liquidation estate including state gu association contacts, liquidation orders, financial statements and the semi-an estate and other information is available on the Utah Insurance Receivers' O utinsreceivers.org. Material changes in the financial position of the company are reflected in this Court report. Dated this 23nd day of June, 2015. SPECIAL DEPUTY LIQUIDATOR By: /s/ Lennard Stillman Lennard Stillman HOLLAND & HART LLP By: I si John P. Harrington John P. Harrington Cecilia M. Romero Attorneys for Lennard W. Stillman, Speci Deputy Liquidator of Wasatch Crest Insura Company in Liquidation and Wasatch Cre Mutual Insurance Company in Liquidation 4
CERTIFICATE OF SERVICE I hereby certify that on the 23rd day of June, 2015,1 electronically filed ON THE STATUS OF LIQUIDATION ESTATE FOR PERIOD ENDING D 31, 2014 with the Clerk of Court using the GreenFiling system. I also certify 2015,1 mailed true and correct copies to the following by placing the foregoin States Mail, postage prepaid, addressed as follows: Allen Muhlestein Utah Property & Casualty Insurance Guaranty Association P.O. Box 1626 Sandy, UT 84091-1626 Utah Insurance Commissioner Insurance Commissioner Todd E. Kiser, as Liquidator of WCMIC Utah Insurance Department 3110 State Office Building Salt Lake City, UT 84112 /s/ Christa L. Fries 5
Wasatch Crest Insurance Company in Liquidation Balance Sheet AsofDecembcr31,2014 Date of Liquidation - July 31,2003 Assets Invested Assests Cash $ 3,465.579 Total invested Assets 3,465,579 Otlier Assets Other Assets 0 Furniture, Fixtures, Equip 2. Total Otiier Assets 0 Receivables Premiums Receivable 0 Investment income Receivable 17,500 Due From Reinsurers 0 Total Receivables 17,500 Total Assets $3,483,079 Uabllities & Capital Liabilites Loss and LAE Reserves: Direct $0 Ceded 0 Assumed 7,737,596 Other Policyholder Liabilities 200,000 I'ayable to GuaraMy Associations 657,766 Reinsurance Payable 4,001,278 Taxes l^ayable 0 Accounts Payable 18,864 Asset Valuation Reserve 0 Other Liabilities 844,959 Unclaimed Property 0 Total Liabilities 13.460,462 Capital Common Capital Stock 2,250,000 Gross Paid In and Contributed Surplus 136,138,143 Unassigned Funds (Surplus) (145,767,188) Current Period Profit (Loss) (2,598,339) Total Capital (9,977,383) Total Liabilities & Capital $3,483,079 Note: Tbe information contained in report prepared by tiie liquidator from iaformation available to or known by tbe liquidator as of the date of the report. The liquidator make!! no warranty as to the ac tlie information which is subject to change