INSURANCE

Lowy Denies Wrongdoing: Rudolph Lowy, chairman and president of Pacific States Casualty Co., “vehemently denies” an allegation that he misappropriated more than $5 million in company assets for his own benefit, a lawyer for Pacific States said. California Insurance Commissioner John Garamendi made the accusation when he announced that he had placed Pacific States, a Chino-based workers’ compensation insurer, in conservation after determining it was insolvent. Garamendi said he suspended Lowy on Jan. 27 from his post at Pacific States in part because of the alleged misappropriation of funds.