Realm National Insurance Company ("Realm") was incorporated in New York as a Lloyds Association, titled Lloyd's, New York on March 12 1892 and commenced business on the same day. On July 1, 1992, the Company converted to a stock company and changed the name to Lloyds New York Insurance Company. On September 5, 1996, Stirling Cooke North American Holdings, Ltd, a Delaware corporation, purchase 100% of the capital stock and on September 26, 1996 the title Realm National Insurance Company was adopted.
As of December 31, 2002, Realm was licensed to do business in 24 states; New York, Alabama, Arizona, Arkansas, Florida, Georgia, Illinois, Indiana, Iowa, Kentucky, Louisiana, Mississippi, Missouri, Nebraska, New Mexico, North Dakota, Oklahoma, Pennsylvania, South Carolina, South Dakota, Tennessee, Texas, West Virginia. The company also wrote surplus lines in Kansas, Montana, Ohio and Oregon. The Company's place of business was at 125 Maiden Lane in New York City.
The Company was licensed to transact various kinds of insurance but its direct business primarily consisted of Workers Compensation coverage and some Fire and Allied Lines. It was also empowered to transact such workers' compensation insurance that includes insurance as described in the Longshoremen's and Harbor Workers' compensation Act. Realm's assumed business was a relatively minor part of its business.
The Company is a wholly owned subsidiary of Stirling Cooke North American Holdings Limited, a Delaware corporation, which is wholly-owned by AlphaStar Insurance Group Ltd. ( Bermuda ). AlphaStar Insurance Group Ltd. filed for bankruptcy protection under Chapter XI of the Federal Bankruptcy Laws on December 15, 2003.
An Insurance Department examination as of December 31, 2002 indicated an impairment and Realm was advised to eliminate the impairment and not to issue new policies. Realm voluntarily suspended all new business on September 1, 2003, and renewal activity on November 1, 2003. On July 15, 2006, coverage was terminated on multi-year policies which were still in force on the date of liquidation.
The Insurance Deptartment took issue with the sale to Flagship and disapproved the Section 1506 application. This left Realm with no possible infusion of outside capital.
Realm consented to liquidation and the order was entered on June 15, 2005.