On September 18, 2018 and September 19, 2018 the Rehabilitator filed Petitions for Approval of Amended Plan of Rehabilitation
and for Approval of Stock Purchase Agreement along with a Supporting Memorandum for each Petition.
Copies of these filings can be found here.
A copy of the Supervising Court's Scheduling Order setting forth the procedures for notice, comment and hearing on these Petitions can be found at the same location.
Subsequent filings related to these Petitions will also be posted at this location.
Magna Carta Companies was founded in New York City in 1925 as a mutual
insurance carrier for the taxicab industry. Throughout the decades, we have
continuously expanded our product offering and underwriting territory. Today,
Magna Carta specializes in underwriting the commercial real estate industry
and we are one of the largest mutual carriers of commercial business in America.
The group now consists of Public Service Insurance Company, Paramount Insurance
Company and Western Select Insurance Company. Magna Carta began as Public Service
Mutual Casualty Insurance Corporation and the name was later shortened to PSM
Insurance Companies. When we celebrated our 75-year anniversary in 2000, our group
adopted the trade name of Magna Carta Companies.
The Magna Carta, Latin for "Great Charter," emanates from the fields of Runnymede,
England in the year 1215, when King John granted rights and protections to individuals.
This inscribed proclamation proved to be so durable that it represents the foundation
of the Bill of Rights of the United States of America. Magna Carta Companies'
adoption of this identity symbolizes the rights and protections inherent in each
insurance policy we issue. And, like the original charter, our commitment will endure
the test of time.