Insurer noticed its policyholder surplus plunge by 382% in the identical 12 months
The Missouri Division of Commerce and Insurance coverage (DCI) has introduced Cameron Mutual Insurance coverage Co. has been positioned into court-supervised liquidation efficient Dec 1. Director Chlora Lindley-Myers has been named liquidator. Cameron Nationwide just isn’t included within the liquidation order and can stay in rehabilitation, the DCI stated.
Cameron Mutual skilled important losses in 2023 following information of harsh storms within the Midwest. Consequently, the corporate has seen a fast discount in its policyholder surplus, from $16.4 million in March 2023 to $3.4 million in June the identical 12 months, the DCI stated.
In accordance with an AM Finest article, the insurer offers protection for householders and house owners of vehicles in addition to business and farm insurance coverage. Earlier this 12 months, Cameron Mutual introduced a wind down of its insurance coverage operations by not renewing insurance policies.
In July, Cameron Mutual was positioned beneath administrative supervision, and virtually per week later, the board of administrators for Cameron Mutual and Cameron Nationwide Insurance coverage Co. resigned.
The next month, the courtroom issued an order of rehabilitation of Cameron Mutual and appointed Lindley-Myers because the rehabilitator, in response to the DCI. Cameron Mutual just isn’t rated by AM Finest.
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