10 Recently liquidated insurance carriers - Is YOURS on the list?

A new AM Best report surveyed 13 insurers that became “impaired” in 2023. Ten of them went into insolvent liquation.

Catastrophe losses, exorbitant auto accident costs, adverse loss-reserve development, mismanagement and insufficient profits were top reasons these property and casualty insurance carriers struggled to stay afloat in 2023, according to AM Best.

Of the 13 “impairments,” 10 carriers have since become insolvent and faced liquidation. The slideshow above illustrates those 10 recently liquidated insurers, as reported by AM Best.The report, titled, “2023 U.S. Property/Casualty Impairments Update,” states that from 2000 to 2023, 432 P&C insurers became impaired, consisting of 364 insolvent liquidations and 66 rehabilitations, 43 of which were closed during the period; 23 remained open as of this report. In addition, there were 59 conservatorships, 57 of which led directly to either rehabilitation or liquidation.

1st Auto & Casualty Insurance Group

Arrowood Indemnity Co

Cameron Mutual Insurance Co

GO Insurance Co

Max Faith Based Insurance

Preferred Mutual

R&O ReInsurance Co

United Home Insurance Co

United Property & Casualty Insurance Co

Wisconsin ReInsurance Corp

AM Best defines impairment as situations in which a company has been placed, via court order, into conservation, rehabilitation, or insolvent liquidation.