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NYS Sells Off Midland Insurance

Monday, March 09, 2009

Twenty three years after it took over a bankrupt insurance company, New York State is selling the remnants of the company.

Eric Dinallo is the state superintendent of insurance. He inherited the defunct Midland Insurance company when he took the job in 2007.

DINALLO: Oh my I love telling this story!

Dinallo says it's time to resolve the claims that sunk Midland in the 1980s: over asbestos, defective breast impants, and HIV-tainted blood. Dinallo believes Midland could be an attractive property for a bank or a private equity firm.

DINALLO: Actually if it's been sitting there accruing interest for 23 years and then the claims come in and they're not as big as anyone ever imagined, then that book will quote "run off" or liquidate quite well.

If the state succeeds in finding a buyer for Midland, it will be the first time an American insurance company in liquidation has been purchased by private investors.

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