Insurer noticed its policyholder surplus plunge by 382% in the identical yr
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 mentioned.
Cameron Mutual skilled vital losses in 2023 following information of harsh storms within the Midwest. Consequently, the corporate has seen a speedy discount in its policyholder surplus, from $16.4 million in March 2023 to $3.4 million in June the identical yr, the DCI mentioned.
In keeping with an AM Greatest article, the insurer supplies protection for owners and homeowners of cars in addition to industrial and farm insurance coverage. Earlier this yr, 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 nearly 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 line with the DCI. Cameron Mutual just isn’t rated by AM Greatest.
Have ideas about this story? Tell us within the feedback under.
Sustain with the newest information and occasions
Be part of our mailing checklist, it’s free!