Status of Ambassador Insurance Company Liquidation/Litigation
Ambassador Insurance Company is currently in receivership, managed by the Commissioner as Receiver, having been seized in 1983 as a result of insolvency. Recent press releases about the status of Ambassador and recent litigation are linked below. A copy of the appellate decision upholding the verdict against PriceWaterhouseCoopers is also linked below.
The Department is confident that the successful conclusion of this long-standing claim will allow for additional payment to all policyholders and insureds who have yet to be paid in full. Claimants and creditors with questions about particular claims should call the receivership offices at (802) 223-1850.
Mailing address: PO Box 40, Montpelier, VT 05601.
February 3, 2009: BISHCA Press Release
January 26, 2009: Distribution to Claimants Underway
At the direction of Commissioner Thabault, Receivership staff are now mailing checks to Ambassador Claimants. Claimants with a Priority 4 status will receive checks for both the remaining balance of the money owed to them by Ambassador and for interest due under the terms of the Liquidation Order. Claimants with questions about the process should call Receivership staff at (802) 223-1850.
December 16, 2008: Court Approves Claimant Distribution in Ambassador
In her capacity as Receiver for Ambassador Insurance Co., Commissioner Thabault has received court approval at a December 16, 2008 hearing to pay in full those persons insured and owed money by Ambassador, with interest calculated as of December 31, 2008. These Priority 4 claimants will be contacted directly by the Receivership and can expect to receive a check shortly after a formal order of approval issues.
Oct. 23, 2008 - BISHCA Press Release
Vermont Collects $205 Million Judgment to Pay Claimants and Creditors of Ambassador Insurance Company. Consumers should be cautious about assigning rights to proceeds.
Sept 10, 2008 - BISHCA Press release
Decision Upheld on Appeal