Policyholders, regulators approve merger of Cameron Country Mutual Insurance Company
CAMERON, Mo. (January 28, 2008)-The Missouri Department of Insurance, Financial Institutions and Professional Registration (DIFP) approved the merger of Cameron Country Mutual Insurance Company (CCMIC) into Cameron Mutual Insurance Company (CMIC). The policyholders of CMIC and CCMIC approved the merger during the fourth quarter of 2007. The effective date of the merger is January 3, 2008.
CCMIC had been a company managed by CMIC since 1982, and operated as a property and liability reinsurer for farm mutuals in the state of Missouri. In April 2007, CCMIC announced a partnership with Guy Carpenter & Company, LLC, whereby Carpenter would place the property reinsurance portion of CCMIC’s portfolio. CCMIC announced it would continue to provide liability reinsurance for its farm mutual customers.
During a special meeting of the policyholders of CMIC, President and CEO Darwin G. Copeman addressed attendees. He reminded them that the approval of the merger returned the relationship of Cameron Country and Cameron Mutual to the pre-1982 structure.
CMIC will continue to provide liability reinsurance to CCMIC’s farm mutual clients, and those clients will gain the benefit of the backing of an AM Best B++ rated company. Policyholders of Cameron Mutual gained $6 million in surplus, further strengthening the company’s financial position.
Cameron Insurance Companies operate in Arkansas, Iowa, and Missouri, offering multiline property & casualty and specialty insurance products, where over 350 independent insurance agents represent them. The Cameron Insurance Companies consist of the following entities: Cameron Mutual Insurance Company, Cameron National Insurance Company, and the CIC Agency.