The insurer saw its policyholder surplus fall by 382% in the same year
The Missouri Department of Commerce and Insurance (DCI) has announced that Cameron Mutual Insurance Company has been placed into court-supervised liquidation effective December 1. Director Clora Lindley-Myers has been named liquidator. The DCI said Cameron National is not included in the liquidation order and will remain in rehabilitation.
Cameron Mutual experienced significant losses in 2023 following news of severe hurricanes in the Midwest. As a result, the company has seen a sharp decline in its policyholder surplus, from $16.4 million in March 2023 to $3.4 million in June the same year, DCI said.
According to an article by AM Best, the insurer offers coverage for homeowners and automobile owners, as well as commercial and agricultural insurance. Earlier this year, Cameroon Mutual announced the closure of its insurance operations by not renewing policies.
In July, Cameroon Mutual was placed under administrative supervision, and about a week later, the boards of directors of Cameroon Mutual and Cameroon National Insurance Company resigned.
According to the DCI, the following month, the court issued a rehabilitation order for Cameron Mutual and appointed Lindley-Myers as the rehabilitator. Cameron Mutual is not rated by AM Best.
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