Insurer saw its policyholder surplus plunge by 382% in the same year
By Jonalyn Cueto
Nov 20, 2023 Share
The Missouri Department of Commerce and Insurance (DCI) has announced Cameron Mutual Insurance Co. has been placed into court-supervised liquidation effective Dec 1. Director Chlora Lindley-Myers has been named liquidator. Cameron National is not included in the liquidation order and will remain in rehabilitation, the DCI said.
Cameron Mutual experienced significant losses in 2023 following news of harsh storms in the Midwest. As a result, the company has seen a rapid reduction in its policyholder surplus, from $16.4 million in March 2023 to $3.4 million in June the same year, the DCI said.
According to an AM Best article, the insurer provides coverage for homeowners and owners of automobiles as well as commercial and farm insurance. Earlier this year, Cameron Mutual announced a wind down of its insurance operations by not renewing policies.
In July, Cameron Mutual was placed under administrative supervision, and almost a week later, the board of directors for Cameron Mutual and Cameron National Insurance Co. resigned.
The following month, the court issued an order of rehabilitation of Cameron Mutual and appointed Lindley-Myers as the rehabilitator, according to the DCI. Cameron Mutual is not rated by AM Best.
Have thoughts about this story? Let us know in the comments below.
Related Stories
- Life insurance startup files for bankruptcy with plans to liquidate
- Vesttoo begins Chapter 11 proceedings to restructure
Fetching comments… Please enable JavaScript to view the comments powered by Disqus.
LATEST NEWS
INSURANCE NEWS
Tysers, H.W. Wood reach resolution on US bribery investigations
INSURANCE NEWS
What's behind insurance layoffs? –AM Best digs into key factors
INSURANCE NEWS
Missouri-based insurer issued with liquidation order by DCI
INSURANCE NEWS
Risk Placement Services: nurturing talent for the 'big field'
