SurSafe prepares BOP launch in Kansas

SurSafe Insurance Company is preparing to launch its Businessowners (BOP) program in Kansas. The newly formed insurer succeeds Cameron National Insurance Company.

In 2023, Cameron Mutual and its subsidiary, Cameron National, were placed into rehabilitation by a Missouri court due to financial instability.

Cameron Mutual insured property and casualty risks in five states. It faced repeated storm losses, declining market share, and a 50% surplus reduction over five years.

As of July 2023, the company had 26,215 policyholders and 1,247 open claims. Cameron National, licensed in Arkansas, Illinois, Iowa, Kansas, Missouri, and Nebraska, currently has no active policies.

“Cameron Mutual has been experiencing a slow decline in market share, and the lines of business it writes are highly competitive. It is geographically concentrated in areas impacted repeatedly by severe storms, resulting in major losses this year. Cameron Mutual pursued initiatives to improve operations, such as affiliation agreements with other mutual insurers and refocusing on small commercial and farm business lines where it could be more competitive. After exhausting all avenues to cure its deteriorating financial condition, Cameron Mutual consented to rehabilitation for both companies.”

SurSafe enters a competitive market that includes providers like Coterie and Hiscox.