Missouri’s Cameron Mutual Placed Into Liquidation

Cameron Mutual Insurance Company has been placed into court-supervised liquidation effective December 1, 2023, the Missouri Department of Commerce and Insurance (DCI) announced.

Chlora Lindley-Myers, Director of the Missouri Department of Commerce and Insurance has been named liquidator of Cameron Mutual.

Cameron Mutual provides property and casualty insurance, and its lines of business include personal (primarily homeowners and auto coverage), commercial, and farm. The Cameron, Missouri-based company experienced significant losses during 2023 which caused a rapid reduction in Cameron Mutual’s policyholder surplus. Cameron Mutual’s surplus dropped from $16.4 million as of March 31, 2023, to $3.4 million as of June 30, 2023.

The company announced earlier this year that it would wind down its insurance operations by non-renewing policies.

Cameron Mutual was placed under Administrative Supervision on July 6, 2023. Effective July 12, 2023, the Board of Directors for Cameron Mutual and Cameron National Insurance Company resigned. On August 7, 2023, the Court entered an Order of Rehabilitation ofCameron Mutual and appointed the DCI Director as the rehabilitator. During rehabilitation, the rehabilitator encouraged policyholders to switch their policies to another carrier and authorized payment of unearned premiums up to at least $10,000. However, due to the Liquidation Order of Cameron Mutual, payment of unearned premium refunds will be suspended until such claims are determined in the Court-supervised liquidation proceeding.

Cameron National is not part of the Liquidation Order and will remain in rehabilitation.

DCI is charged with protecting Missouri consumers through oversight of the insurance industry, banks, credit unions, utilities, and various professional licensees operating in the state.

More information can be found at dci.mo.gov.

Source: DCI

Topics Missouri