Loss of reinsurance pushes Floridian insurer Ashmere into runoff
Ashmere Insurance Company (AIC), a Florida-based workers’ compensation specialty insurance company placed itself into voluntary runoff after learning that its reinsurance treaties could not be renewed.
AIC started writing business in December 2016. It was affiliated through common ownership with Guarantee Insurance Company (GIC) which is now in liquidation.
Without adequate reinsurance, AIC placed itself into voluntary runoff by not writing new business or renewing expiring policies. AIC’s June 30, 2018 financial statement filed with the Florida Office of Insurance Regulation and other state regulators reported that AIC’s surplus had fallen below the minimum level to transact the business of insurance in the State of Florida.
On Aug. 3, 2018, AIC agreed to a consent order for administrative supervision to facilitate a smooth transition and orderly wind-down of AIC’s business. As part of the wind-down, AIC is cancelling all of its policies to minimize exposure to its policyholders and the public. Prior to Sept. 1, 2018 AIC plans to send a notice of cancellation to all remaining Florida policyholders, cancelling their policies effective Oct. 15, 2018.
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