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PROVO INSURANCE FIRM PLACED IN LIQUIDATION AS RESULT OF COURT ORDER

Southern American Insurance Co., Provo, has been placed in liquidation as a result of a court order signed by 3rd District Judge Ann Stirba, according to State Insurance Commissioner Harold C. Yan-cey.

The insurance department will work to maximize the assets of the company for the benefit of the policyholders and creditors. The officers and shareholders have offered their cooperation, Yancey said.Insurance department employees reviewed the company's 1991 financial statement and after consultation with shareholders, the liquidation petition was filed.

Southern American has been in business since 1988 writing surety bonds and general liability insurance.