Iowa National Mutual Insurance Co. was seized.

Iowa Insurance Commissioner Bruce Foudree took control, saying that a “course of destruction” by management put the company as much as $60 million in the red. Foudree said his office had been monitoring Iowa National since a 1984 year-end report showed an $11-million drop in cash reserves used to pay claims. The Cedar Rapids-based company is licensed to write policies in 34 states. Foudree said operations will continue under his supervision while a buyer is sought. If a buyer can’t be found, officials will liquidate the assets, he said.