The Missouri Department of Commerce and Insurance (DCI) announced the state’s mutual insurance companies reported a considerable reduction in net losses from $17.7 million in 2023 to just $4.8 million in 2024.
In 2024, mutuals managed 205,000 policies representing more than $61 billion in gross in-force coverage, according to DCI.
DCI approved the Missouri Mutual Insurers Captive, a collaborative reinsurance pool, which began operations in late 2023, after many participating metals could no longer rely on a Wisconsin reinsurance provider. Without the approval of Missouri Mutual Insurers Captive, numerous mutuals would have likely faced mergers or closures due to the scarcity of available reinsurance, the department said.
Every mutual that participated in the pool reported a profit in 2024. These mutuals generated a net profit of $4.8 million on $51.8 million in direct premiums.
“I am pleased to see the pool’s results, in light of this year’s severe weather events, and believe it will play an important role in preserving this vital market segment that serves Missouri’s farmers and rural communities in the future,” said DCI Director Angela Nelson.
The pool’s membership has also expanded in 2025, growing from 18 to 21 mutual members, representing nearly one-third of the state’s 65 licensed mutuals.
Source: DCI
Was this article valuable?
Here are more articles you may enjoy.
GEICO Settles Call-Center Worker Suits for $940,000; Attorneys Get Half 
LA County Told to Pause $4B in Abuse Payouts as DA Probes Fraud Claims 
Married Insurance Brokers Indicted for Allegedly Running $750K Fraud Scheme 
Longtime Alabama Dentist Charged With Insurance Fraud in 2025 Office Explosion 
