The insurer saw its policyholder surplus drop by 382% in the same year
By means of
The Missouri Department of Commerce and Insurance (DCI) announced to Cameron Mutual Insurance Co. which was placed in court-supervised liquidation effective December 1. Director Chlora Lindley-Myers was named liquidator. Cameron National was not included in the liquidation order and will remain in rehabilitation, the DCI said.
Cameron Mutual experienced heavy losses in 2023 after news of violent storms in the Midwest. As a result, the company saw a rapid decline in excess policy holders, from $16.4 million in March 2023 to $3.4 million in June of the same year, the DCI said.
According to an AM Best article, the insurer provides coverage for homeowners and auto owners as well as commercial and farm insurance. Earlier this year, Cameron Mutual announced the cessation of its insurance operations by not renewing policies.
In July, Cameron Mutual was placed under administrative management, and almost a week later, the board of directors of Cameron Mutual and Cameron National Insurance Co.
The following month, the court issued a rehabilitation order against Cameron Mutual and appointed Lindley-Myers as the rehabilitator, according to DCI. Cameron Mutual is not rated by AM Best.
Have thoughts on this story? Let us know in the comments below.
Keep up with the latest news and events
Join our mailing list, it’s free!