The Pennsylvania Department of Insurance yesterday placed Reliance Insurance Co. in liquidation after discovering that the former insurance giant was hopelessly insolvent.The move was completely expected considering the $1.1 billion hole the company dug for itself during the last few years. The Pennsylvania authorities were hoping to rehabilitate the company but due to the size of its debts, the liquidation move was unavoidable. If liquidation hadnt been ordered the company risked not
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