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 shouldn’t be 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 fast discount in its policyholder surplus, from $16.4 million in March 2023 to $3.4 million in June the identical yr, the DCI mentioned.
Based on an AM Greatest article, the insurer gives protection for owners and house owners 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 underneath administrative supervision, and virtually every week later, the board of administrators for Cameron Mutual and Cameron Nationwide Insurance coverage Co. resigned.
The next month, the court docket issued an order of rehabilitation of Cameron Mutual and appointed Lindley-Myers because the rehabilitator, in response to the DCI. Cameron Mutual shouldn’t be rated by AM Greatest.
Have ideas about this story? Tell us within the feedback under.
Associated Tales
Sustain with the most recent information and occasions
Be a part of our mailing record, it’s free!
