 That officer reported that it had been doing a losing business for several years, was insolvent within the meaning of the statute, and that immediate steps should be taken to appoint a receiver, to the end that the affairs of the company be wound up as quickly as possible, as being for the best interests of its policyholders.As the result of that examination, the present proceedings were commenced by the auditor in the Circuit Court of Cook County under the said act of 1874.The petition filed by him shows that in his opinion the condition of the company rendered its further continuance in business hazardous to the insured.