Regulators Take Reins of Cosmopolitan Life, Cauley Among Creditors

by George Waldon  on Monday, Oct. 12, 2009 12:00 am  

                                             Assets               Liabilities       Surplus

Dec. 31, 2003                    $2,118,909       $1,378,723    $740,186

Dec. 31, 2004                    $2,483,740       $1,657,988    $825,752

Dec. 31, 2005                    $2,160,581       $1,352,700    $807,881

June 30, 2006                    $1,444,792       $1,099,409    $345,383

Dec. 31, 2006                    $3,966,245       $1,157,324    $2,808,921*

Dec. 31, 2007                    $3,628,256       $1,350,139    $2,278,118                           

Sept. 30, 2008                   $3,718,418       $1,648,014    $2,070,403

Dec. 31, 2008                    $2,578,832       $1,743,636    $835,196

*Reflects $2.5 million loan from SEC Consultants on Dec. 17, 2006

 

Corporate History

  • Founded with $10,000 of capital on Oct. 14, 1931.
  • H.H. Hubble acquired sole ownership in 1956.
  • Company stock transferred from Hubble estate to Georgia M. Tucker on Feb. 2, 1970.
  • Tucker ordered by the insurance commissioner to step down as president and divest 51 percent of voting power on Dec. 21, 1995.
  • Stephen Whitwell, a North Little Rock attorney, buys Tucker's remaining shares to acquire sole ownership on July 16, 1998.
  • Company enters into a third-party administrator services agreement with Advance Insurance Group of America on June 28, 2002. Cosmopolitan Life provides stop-loss coverage to self-insured plans administered by AIGA. J. Matt Lile III is president of both companies.
  • Cosmopolitan Life reports a $1.1 million loss for 2008 on March 1 and warns insurance department of dire financial situation on March 17, 2009.
  • Court-appointed receiver assumes operational control of company on March 18.

 

 

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