Kenneth M. Wright, a former director of the American Council of Life Insurance,
1992 - WorldBank - The Life Insurance Industry in the United States An Analysis of Economic and Regulatory Issues. Kenneth M. Wright - 54p
(p29) - Insolvencies among U.S. life insurance companies have been on the rise over the past few years.
Before 1987, insolvencies numbered 10 or less and involved smaller companies with assets below $50 million.
In 1989 there were 40 insolvencies, including an insurer with $646 million in assets.
A task force of the ACLI that undertook a special study of the insolvencies during the 1985-1990 period focused on 68 cases, finding the causes to include affiliate transactions (often involving fraud) in 47 cases, problems in accident and health insurance lines in 41 cases, underpricing of products in 40 cases, investment problems (often real estate) in 31 cases, and problems with new management in 25 cases.
The identified causes were, of course, often interrelated.