A-CAP Group challenges Utah's damaging insurance allegations

In the United States, A-CAP Group, a New York-based insurance and financial services company, filed a motion in response to the Utah Department of Insurance's Verified Petition on March 21, 2025. This petition aimed to undermine the ongoing legal proceedings regarding various insurance entities including Sentinel Security Life Insurance Company, Haymarket Insurance Company, and Jazz Reinsurance Company. The Utah Department of Insurance had previously agreed to stay an emergency order from December 2, 2024, which had initially prohibited these companies from writing new business while the case was still in court. A-CAP argues that the new allegations from the Department are unfounded and seek to harass the company while publicly tarnishing its reputation. Kenneth King, Chairman and CEO of A-CAP, stated that these actions have caused significant financial harm to the company, policyholders, annuity owners, and Utah's taxpayers who fund the department. The legal landscape remains tense as both sides prepare for a trial scheduled for May 12-16, 2025. A-CAP emphasizes that the upcoming trial will thoroughly address the allegations made by the Utah Department, which they believe to be unsupported and already refuted by independent advisors. With a solid financial position evidenced by a profitable year in 2024, A-CAP remains steadfast in its commitment to policyholder support and aims to conclude these legal battles efficiently. The company's capital has increased by over $483 million since 2016, further demonstrating its ongoing financial stability. A-CAP's various entities continue to meet policyholder obligations, ensuring that they remain strong amid these allegations.