Employment Verification for RELIANCE INSURANCE COMPANY (IN LIQUIDATION.

Reliance Insurance Company was a property and casualty insurance company based in Philadelphia, Pennsylvania. Founded in 1817, it was one of the oldest insurance companies in the United States before entering liquidation in 2001. The company provided various insurance products including commercial property, liability, workers' compensation, and personal lines insurance. In October 2001, the Commonwealth Court of Pennsylvania ordered Reliance Insurance Company into liquidation due to financial insolvency. The Pennsylvania Insurance Department was appointed as the liquidator. At the time of its liquidation, Reliance had approximately $12.6 billion in assets and $13.9 billion in liabilities. The liquidation of Reliance Insurance Company became one of the largest insurance company insolvencies in U.S. history. The liquidation process involved settling claims, collecting reinsurance recoveries, and distributing assets to creditors according to statutory priorities. The Pennsylvania Insurance Department continues to manage the liquidation proceedings through a dedicated office of liquidations and rehabilitations. Prior to its liquidation, Reliance Insurance Company operated throughout the United States and was a significant player in the commercial insurance market. The company's downfall was attributed to aggressive pricing strategies, inadequate loss reserves, and challenging market conditions in the late 1990s.