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December 19, 2011

Missouri Farm Bureau to take over insolvent insurers

Anonymous From staff reports The Joplin Globe Mon Dec 19, 2011, 10:00 AM CST

The Missouri Farm Bureau will take over operation of three small insurance companies that became insolvent after paying claims from the May 22 tornado in Joplin, according to a statement released by the Missouri Department of Insurance.

The insolvent companies are Barton Mutual Insurance Co., Gateway Mutual Insurance Co. and Cape Mutual Insurance Co. They had about 41,000 homeowner and fire policies in the immediate area of Joplin.

The insurance department said the companies had combined premium sales of $29 million in 2010, but listed claims of $48 million from the tornado.

Earlier this month, a judge ordered the companies into receivership under the management of the Missouri Department of Insurance.

The department said a Barton County judge now has approved a plan allowing the three companies to merge into one firm managed by the Missouri Farm Bureau.

The department said policyholders must continue making premium payments to keep their insurance coverage intact. Payments should continue to be sent to the Barton County Mutual Group’s office in Liberal.

Consumers or insurance agents with questions about any of the three companies in receivership should contact the Insurance Consumer Hotline at 800-726-7390 or visit insurance.mo.gov.

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