BUSINESS MEMO: INSURANCE COMPANIES FAIL

Despite a strong economy and rising financial markets, 23 insurance companies were taken over by state regulators last year, according to statistics compiled by Weiss Ratings Inc., a provider of ratings and analyses on the insurance industry.

In all, insurance company failures were up 200 percent from 1996 when only eight companies failed.

Property and casualty insurers, which provide coverage for homes, autos and businesses, suffered the greatest difficulties, accounted for 19 of the 23 failures. The other failures were life and health insurers, down form the six that failed in 1996 The list of failures:

Golden Eagle of California; American Life Assurance of Alabama; Armor Insurance of Florida; Home Insurance of New Hampshire; Insurance Corp. of America of Texas; First Security Casualty of Missouri; National Dental Mutual Insurance, Co.; Mid Continent Life of Oklahoma; Lincoln Mutual Casualty of Michigan; Pinnacle Insurance of Georgia; Quaker City of Pennsylvania; United Republic of Texas; American Eagle of Texas; American Western Life of Oklahoma; Georgia General of Georgia; Grangers of Maryland; Home Mutual Insurance of Binghamton, N.Y.; U.S. Capital of New York; Home State of New Jersey; United Southern Assurance of Florida; Inland American of Illinois; Conger Life of Florida; and PIE Mutual of Ohio.