Missouri-based insurer issued with liquidation order by DCI
Missouri-based insurer issued with liquidation order by DCI | Insurance Business America
Insurance News
Missouri-based insurer issued with liquidation order by DCI
Insurer saw its policyholder surplus plunge by 382% in the same year
Insurance News
By
Jonalyn Cueto
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.
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