Lincoln General Health Insurance Company
A review of Lincoln General Health Insurance Company finds Lincoln General Insurance Company, based out of York, Pennsylvania. Lincoln General has been providing commercial property and casualty insurance coverage since 1977, serving as a provider to the trucking industry. The company specializes mainly in automobile insurance coverage.
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It is unclear whether Lincoln General is still accepting new customers, or whether it is currently trying to pay the remainder of its outstanding claims and go insolvent. The company is owned by Kingsway Financial Services, which is based in Toronto, Canada.
Lincoln General Insurance Company History
Lincoln General was founded in 1977 by the majority stockholder in Walshire Assurance Company, Walter Fohl. When he died in 1986, the minority stockholders of Walshire purchased Lincoln General and took the company public in 1987. Although originally just an insurance provider to the transportation industry, Lincoln General began offering primary auto liability insurance, and then workmen’s compensation for small long-haul trucking companies.
Lincoln General became part of Kingsway Financial in 1998, when Kingsway purchased its parent company, Walshire Assurance Company. Kingsway was looking for an opening into the long haul trucking insurance business in the United States, and its acquisition of Walshire and Lincoln General gave it licenses in 39 states. At the time, Lincoln had an A.M. Best rating of “A” for its financial strength, and Walshire’s total assets numbered approximately $131 million.
Lincoln General Insurance Company Today
What happened to Lincoln General in the past few years is a little hard to follow, but it appears that the company encountered trouble. In 2009, Kingsway Financial got rid of its entire interest in Walshire, and consequently Lincoln General, by donating all of its shares in the wholly owned company to ten different charities. Kingsway did this in order to stop having to fund Lincoln General’s reserve shortfalls. The company also maintained that this donation was in the best financial interests of its stockholders, policyholders, and creditors.
Additionally, in the same quarter of 2009, Kingsway Financial noted a loss of $95.5 million attributed to Lincoln General. The company experienced a shareholder-led revolt that caused its then-CEO to be removed and two Board of Director seats to be given to shareholders. Kingsway was attempting to shed underperforming divisions and restructure its current subsidiaries in order to stay in business in Canada.
In April 2010, the Pennsylvania Department of Insurance sued Kingsway Financial and the ten charities involved, in order to “unwind” the disposition of Lincoln General shares. A new holding company, LGIC Holdings, was formed to take in the shares of Lincoln General, and most of the charities agreed to sell their shares back to LGIC. Tawa PLC is the majority investor in LGIC, with Kingsway Financial now a minority stakeholder in the company.
Understandably, Lincoln General is currently under review by A.M. Best and has no current rating. Kingsway Financial is also currently under review by the insurance industry rating provider, with a negative rating of “ccc” (weak) for its long-term issuer credit rating. It is not recommended that you buy any policies from either Lincoln General or Kingsway Financial, if you are even able to, until the companies clean up their ratings and re-define their business models.
Lincoln General Insurance Company Claims
Lincoln General is still meeting its obligations to its customers, including their claims. The company has set up a special Claims Intake Unit, which can be reached at:
LG Claims Department
P.O. Box 3608
York, Pennsylvania 17402-0628
Policyholders can find all of the information they need on the “Claims” tab of Lincoln General’s website, including forms for reporting new losses and other key information. Claims include loss run reports, personal injury protection in New Jersey, and automobile accidents.
Lincoln General Insurance Company Careers
If you are looking for a job in the insurance industry, it is recommended that you look at another company. Lincoln General doesn’t currently appear to be a healthy company to work for and in this economy; your best bet is a steady, reliable employer. To find a job in the insurance industry, you can look at the websites of insurance providers or simply go through a job search engine. You may want to apply to bigger insurance companies, who should have more employment opportunities. This includes Liberty Mutual, State Farm, The Hartford, and Safeco.
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