Contents

In rehabilitation: Columbian Mutual Life Insurance

Columbian Mutual Life Insurance Co. faced years of financial strain, including pressure on reserves and challenges affecting its overall condition. A 2021 proposed transaction with Constellation Insurance Holdings did not close. On Aug. 13, 2024, the Supreme Court of New York, Broome County, placed CML into rehabilitation, appointing the superintendent of financial services as rehabilitator. See 2024 Rehabilitation Order.

Under Special Deputy Superintendent David Axinn, operations were stabilized, and strategic partners were solicited. In November 2025, JAB Insurance US Holdings Inc. issued a press release announcing a signed purchase agreement to acquire CML and CLIC as the centerpiece of the proposed plan of rehabilitation. The transaction is designed to provide new equity capital, preserve policyholder protections, and ensure continuity of operations. It would convert CML from a mutual to a stock company, transfer both companies to JAB, recapitalize them, extinguish prior mutual policyholder equity, and allow CML to exit rehabilitation while maintaining policyholder benefits.

In liquidation: Midland Insurance Co.

Midland Insurance Co., a former multiline insurer placed into liquidation in 1986, has primarily faced long-tail asbestos, environmental, and toxic tort claims. The liquidator has largely completed administration of the estate, including establishing bar dates, adjudicating nearly all Class Two claims, pursuing substantial reinsurance recoveries, and resolving key legal issues affecting reinsurer rights, positioning the estate for wind-down.

Approximately $440.7 million has been distributed to Class Two claimants, representing a 25% pro rata distribution, supported by about $566.7 million in reinsurance recoveries. As of Dec. 31, 2024, the estate reported roughly $401 million in assets against $1.67 billion in liabilities, leaving insufficient funds to pay claims below Class Two. The sole remaining impediment to final distributions and closure is an unresolved CERCLA claim asserted by the U.S. Environmental Protection Agency, which must be resolved before a federal release can be obtained.

In October 2025, the New York Department of Financial Services, acting through former Superintendent Adrienne A. Harris as liquidator, filed an interim report detailing the liquidation’s status. The court issued an order approving the report, authorized continued payment of administrative expenses, and granted related relief. An amended order increasing the referee’s hourly fee was later approved, signed on Jan. 7, 2026, and entered by the County Clerk on Feb. 11, 2026.

In liquidation: Executive Life Insurance Co. of New York

In Liquidation: Executive Life Insurance Co. of New York On April 16, 2012, the Supreme Court, Nassau County, approved a restructuring agreement and liquidation plan for Executive Life Insurance Company of New York, submitted by former New York Superintendent of Financial Services Benjamin Lawsky.

Under the plan, ELNY’s remaining assets were transferred to Guaranty Association Benefits Company (GABC), a new entity created by participating life insurance guaranty associations, to assume policy and annuity obligations. Payments to beneficiaries were funded through the estate, guaranty association contributions, and support from other insurers. Many beneficiaries received full or near-full payouts, and annuitants with claims exceeding state guaranty limits were eligible for a $100 million Hardship Fund funded by the life insurance industry. The restructuring agreement closed on Aug. 8, 2013, and GABC has administered ELNY’s restructured annuity obligations since. See ELNY Notice of Liquidation Date.

In December 2025, a Verified Petition and Order to Show Cause seeking, among other things, approval of the Assumption Reinsurance Agreement (ARA) of GABC, Pacific Life Insurance Company, and Pacific Life & Annuity Company was signed by the Supreme Court, Nassau County, with a return date of Tuesday, March 10, 2026.

In February 2026, the Affirmation of David Axinn was received, seeking, among other things, approval of the ARA intended to transfer GABC’s remaining annuity obligations to Pacific Life, preserve existing benefits, and release GABC, guaranty associations, and participating insurers from future obligations under the restructuring agreement once completed.

In liquidation: Bankers Life Insurance Co.

The Superior Court of Wake County, North Carolina placed Bankers Life Insurance Company into rehabilitation on June 27, 2019, and entered a moratorium that prohibited most surrenders, loans, and annuitizations. In the fourth quarter of 2021, Actuarial Management Resources began servicing the company’s business. 

On Nov. 30, 2024, BLIC was placed in liquidation, and the state life and health insurance guaranty associations began providing continuing coverage to more than 113,000 policyholders. 

Subject to ongoing processing, covered payments are anticipated to commence as soon as reasonably practicable under the circumstances. Pursuant to N.C.G.S. Section 58-30-125 (b) the Liquidator is NOT requiring policyholders claiming cash surrender values or other investment values in life insurance and annuities to file a proof of claim. 

Health insurance and death benefit claims will be paid in the normal course to the extent covered by a state Life and Health Insurance Guaranty Association. For a BLIC proof of claim form, click here, to review an FAQ about the liquidation, click here.

All questions about the liquidation should be addressed to: 
Colorado Bankers Life Insurance Co., in Liquidation 
ATTN: Mike Dinius, special deputy liquidator 
Colorado Bankers Life Insurance Co.
207 W Millbrook Road
Suite 210, #324
Raleigh, NC 27609

In liquidation: Colorado Bankers Life Insurance Co.

The Superior Court of Wake County, North Carolina placed Colorado Bankers Life Insurance Company into rehabilitation on June 27, 2019, and entered a moratorium that prohibited most surrenders, loans, and annuitizations. In the fourth quarter of 2021, Actuarial Management Resources began servicing the company’s business. 

On Nov. 30, 2024, CBLIC was placed in liquidation, and the state life and health insurance guaranty associations began providing continuing coverage to more than 113,000 policyholders. 

Subject to ongoing processing, covered payments are anticipated to commence as soon as reasonably practicable under the circumstances. Pursuant to N.C.G.S. Section 58-30-125 (b) the Liquidator is NOT requiring policyholders claiming cash surrender values or other investment values in life insurance and annuities to file a proof of claim. 

Health insurance and death benefit claims will be paid in the normal course to the extent covered by a state Life and Health Insurance Guaranty Association. For a CBLIC proof of claim form, click here, to review an FAQ about the liquidation, click here.

All questions about the liquidation should be addressed to: 
Colorado Bankers Life Insurance Co., in Liquidation 
ATTN: Mike Dinius, special deputy liquidator 
Colorado Bankers Life Insurance Co.
207 W. Millbrook Road, Suite 210, #323
Raleigh, NC 27609