By: WBG, LLP Published: September 2012

Liquidation of First Sealord Surety, Inc.

On February 3, 2012, the Commonwealth Court of Pennsylvania ordered First Sealord Surety, Inc. ("FSSI"), a surety licensed to do business in NY, NJ, and CT, into liquidation. Pursuant to the liquidation order, any FSSI surety bond, surety undertaking or policy still in effect as of February 3, 2012 will continue only until the earlier of the following: (1) thirty (30) days after the entry of the liquidation order, (2) the expiration of the bond, undertaking, or policy by its own terms, or (3) the date when the obligee or insured replaces the surety bond, undertaking or policy with equivalent coverage in another reinsurer or surety, or otherwise terminates the policy. All claims against FSSI, along with proof of said claims, must be filed on or before October 5, 2012. Claimants are barred from commencing actions against FSSI after the date of the of the liquidation order, unless express approval is obtained from the liquidator, and pending actions against FSSI are stayed.

Additional information about this liquidation and a copy of the proof of claim form are available at:

www.portal.state.pa.us/portal/server.pt/community/offices___organizational_charts/9304/first_sealord/1088423.

If you have any questions about the information set forth in this Legal Alert, call us at 914-428-2100.

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