American Agents Insurance Company (AAIC) was incorporated in New York as a Property and Casualty Insurer on July 11, 1996 and commenced business on August 3, 1997. The company was not authorized to transact business in any state other than New York. Authorization was granted under its charter to write Personal Injury/Property Damage Liability and Motor Vehicle/Aircraft Physical Damage.
The Company's place of business was on Broadhollow Road in Melville, New York. The September 30, 2000, quarterly statement filed with the New York State Insurance Department reflected the company was impaired in the amount of $1,176,105, however, the Insurance Department actuaries concluded that the impairment was actually in excess of $8 Million.
The AAIC shareholder, US Agents Holding Corporation, requested that AAIC be placed into voluntary liquidation on December 5, 2000. The Honorable Jane S. Solomon, signed the Order of Liquidation on February 5, 2001.