Recent Insurer Impairments, Downgrades and Surplus Declines
Wisconsin Re | Town and county mutual reinsurer. Surplus fell from $43 million in 2021 to $8.4 million at June 30, 2023. Losses from severe weather caused combined ratio of 147% in 2021 and 172% in 2022. Entered rehabilitation June 2023. |
MutualAid eXchange | Kansas insurer. Entered liquidation August 2023. Insolvent. |
Cameron Mutual | Missouri company. Entered rehabilitation August 2023. |
United Home | Arkansas company. Entered receivership September 2023. |
Badger Mutual | Surplus declined by 40%. Financial Credit Rating downgraded from A- to B+ August 2023 |
Germania | Texas losses in Q2 2023 cut surplus in half. Financial Strength Rating downgraded by A.M. Best to B (Fair) from A- (Excellent) |
Grinnell Mutual Reinsurance Co. | Insures 240 small mutuals. Combined ratio 118% in 2022, 12.5% decline in surplus. AM Best revised long-term Issuer credit ratings outlook to negative from stable |