Flash Report: Ciga Facing $1.2 Billion Tab for Reliance Insurance

The head of the California Insurance Guarantee Association says that the liquidation of Reliance Insurance Co. is going to have a huge impact on the California fund that pays claims for defunct insurance carriers.Lawrence Mulryan, executive director of CIGA, says that the value of Reliance's 23,500 claims in California is $1.2 billion. Workers' comp represents $365 million of that tab.Mulryan says he's concerned that handling Reliance's claims will cut into CIGA's financial situatio