Americas Insurance Company Analysis
What is Americas Insurance Company?
Americas Insurance Company was a property insurance provider based in Louisiana. The company faced financial difficulties and was placed into receivership in January 2022. It primarily offered property insurance services but struggled to maintain its operations due to these financial issues. Notable achievements or specific services beyond its basic offerings are not well-documented, especially following its financial troubles.
Exit Announcement Date
Exit Reason
Impact On Customers
The exit of Americas Insurance Company, which was ordered into liquidation on June 23, 2022, will significantly impact its customers in California. The California Insurance Guarantee Association (CIGA) will handle certain claims for policyholders affected by this liquidation. CIGA is a not-for-profit organization that pays certain covered claims of insolvent insurance companies' policyholders and claimants. However, it is important to note that CIGA does not cover all types of claims; it specifically handles property, casualty, and workers' compensation claims, while excluding obligations related to mortgage guaranty, financial guaranty, fidelity/surety insurance, credit insurance, title insurance, and ocean marine insurance.
For customers with existing claims that were open prior to the liquidation, the court-appointed liquidator is expected to forward these claims to CIGA. If a claim was closed at the time of liquidation or if a new claim needs to be filed, CIGA will need to coordinate with the liquidator to process these claims. Additionally, customers whose policies were canceled before their expiration due to the liquidation may be eligible for a refund of unearned premiums, but they must provide their policy number and contact information to initiate this process.
CIGA will make efforts to contact individuals with open claims, but customers should be aware that there may be delays in processing claims as CIGA must first obtain the necessary claim files from the liquidator. There are also deadlines for filing claims; for most claims, the deadline to file a Proof of Claim with the liquidator was October 23, 2022, while statutory workers' compensation claims do not have a filing deadline as long as they comply with the California Workers' Compensation Act.
