Standard & Poor’s has revised its financial strength rating on Casualty Reciprocal Exchange (CRE) and Equity Mutual Insurance Co. (EMI) to ‘R’ from ‘CCCpi’ after a county court judge placed the two Kansas City-based insurers into receivership. The ruling makes Missouri Department of Insurance Director Scott Lakin the rehabilitator for CRE.
The two companies participate in an interaffiliate pool in which CRE has an 80 percent share and EMI has the remaining 20%
Headquartered in Kansas City, the pool writes mainly workers’ compensation and auto liability insurance, with an additional specialization in reinsurance. More than one half of the pool’s business lies within its major states of California, New Jersey, Texas, Florida, and Pennsylvania.
All tangible assets and renewal rights for existing insurance policies are being sold to Meadowbrook Group. Management of CRE, which is a member of the Dodson Group of Kansas City, agreed to the rehabilitation.
Was this article valuable?
Here are more articles you may enjoy.
Hedge Funds Are Expanding Desks Designed to Profit From Natural-Catastrophe Risk 
United Co-Pilot Warned Plane Was Slow, Low Before Newark Mishap 
Travelers: Vendor Issues Over Half of Wedding Insurance Claims in 2025 
South Carolina Jury Finds Store Owner Not Guilty of Murder in Shooting of Teen 
