Missouri-based insurer issued with liquidation order by DCI

The Missouri Department of Commerce and Insurance (DCI) has introduced Cameron Mutual Insurance Co. has been positioned into court-supervised liquidation efficient Dec 1. Director Chlora Lindley-Myers has been named liquidator. Cameron National just isn’t included within the liquidation order and can stay in rehabilitation, the DCI mentioned.

Cameron Mutual skilled important losses in 2023 following information of harsh storms within the Midwest. As a end result, 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.

According to an AM Best article, the insurer gives protection for householders and house owners of cars in addition to business 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 below administrative supervision, and virtually per week later, the board of administrators for Cameron Mutual and Cameron National Insurance Co. resigned.

The following 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 just isn’t rated by AM Best.

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