Chuck Quackenbush

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Superior National taken over by regulators, mystery over shredding machine

Superior National Insurance Group Inc., which recently settled its dispute with Bermuda-based Inter-Ocean Re over the non-payment of a $175 million claim, was taken over by regulators in California on March 3. "Financial examinations of Superior National undertaken by the Department revealed that the company was in hazardous financial condition and was severely under reserved," stated the Department of Insurance.