One of Argo Partners’ specialties is the purchase of claims against distressed or troubled insurance companies in receivership. Insurance liquidations are often a long, arduous process that can easily run ten years or longer. Some of the cases Argo Partners is invested in today went into receivership in the mid-1980s! For policyholders and other claimants, Argo Partners may be willing to offer a “cash now” alternative, rather than the claimant waiting for any eventual distributions.
The selling process is relatively simple and streamlined. Typically, we will send a claimant a written offer, including a sale agreement that needs to be signed by the claimant, notarized, and returned to us through the mail. After that, we file the necessary paperwork with the relevant State liquidation department and ask for a verification of the allowed claim amount. The claimant is paid promptly by Argo Partners once we receive that verification. The whole process, starting from when we receive your completed offer in the mail and ending when you receive our payment, typically takes approximately three weeks.