PricewaterhouseCoopers has been ordered to pay $182.9 million in connection with a predecessor company's audits for an insurance firm that collapsed more than 20 years ago.
The company, Ambassador Insurance Co., was a property/casualty insurer domiciled in Vermont and headquartered in New Jersey.
The company was seized by Vermont's insurance department in 1983 after the state determined it was insolvent. Richard Whitney, a lawyer with Jones, Day in Cleveland, the lead trial lawyer for the Vermont Insurance Department, told National Underwriter that the money will go predominantly to policyholders, and claimants against policyholders. He said there are slightly more than 10,000 allowed claims in that class.
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