The MIIX Group and its subsidiary, New Jersey State Medical Underwriters, each have filed a voluntary petition under the Chapter 11 bankruptcy code in the U.S. Bankruptcy Court in Delaware. The filing does not include the MIIX Insurance Co., which was put into rehabilitation in September by the New Jersey insurance department after a solvent run-off failed.
Officials in a news release said the companies continue to operate their businesses and manage their properties under the jurisdiction of the court. No creditors committee or trustee has been appointed in the case, they said.
MIIX Group previously disclosed that it has received one "indication of interest," from MDAdvantage Holdings, to acquire certain assets of Underwriters, and the company continues to negotiate. The MIIX Group created MDAdantage, a mutual insurance company, in 2002 when MIIX Insurance Co., a publicly traded company, first started to fail. The Medical Society of New Jersey is the largest shareholder of the MIIX Group.