NY Seeks Private Buyer For Insolvent Insurer Midland

Law360, New York (March 4, 2009, 12:00 AM EST) -- In a first-ever attempt for a state to sell a liquidating insurer on the private market, the state of New York has decided to solicit buyers for Midland Insurance Corp., an insurer and reinsurer pushed into insolvency decades ago by claims related to asbestos, defective breast implants and HIV-tainted blood products.

On Tuesday, the New York Liquidation Bureau, which manages failed insurance companies on behalf of the state's insurance superintendent, announced it had issued a request for proposal documents seeking bids to buy the company, which...
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