How much funding has Arrowood Indemnity Company raised?

Arrowood Indemnity Company funding information is not publicly available.

Arrowood Indemnity Company Analysis

What is Arrowood Indemnity Company?

Arrowood Indemnity Company was an insurance provider that has since been found insolvent and ordered into liquidation. The company was involved in providing various insurance services, but due to financial difficulties, it ceased operations. The California Insurance Guarantee Association (CIGA) now assists with certain claims from its policyholders, ensuring that they receive some level of compensation despite the company's liquidation. Notable achievements of the company are not documented due to its insolvency status.

Industry

Casualty Insurance

Market Share

0.0000%

Exit Announcement Date

The Arrowood Indemnity Company announced its decision to leave California on November 8, 2023, when it was placed into liquidation by the Delaware Chancery Court.

Financial Performance

$12.9 million surplus as of December 31, 2022, adjusted to $9.0 million, with a reserve strengthening of $25 million

Replacement Options

Customers affected by the liquidation of Arrowood Indemnity Company can seek assistance from state insurance guaranty associations, which provide protections for policyholders and claimants. These associations can help cover claims that cannot be fully satisfied due to Arrowood's insolvency. Additionally, policyholders may explore options with other insurance providers to obtain new coverage.

Impact On Customers

The exit of Arrowood Indemnity Company from the market due to its liquidation will significantly impact its customers in California. The company was ordered into liquidation on November 8, 2023, meaning it can no longer fulfill its obligations to policyholders. The California Insurance Guarantee Association (CIGA) will handle open claims and assist affected customers. CIGA covers specific types of claims, including property, casualty, and workers' compensation, but does not cover obligations from mortgage guaranty, financial guaranty, fidelity/surety insurance, credit insurance, title insurance, and ocean marine insurance.

For customers with existing claims, if a claim was open at the time of liquidation, it will be forwarded to CIGA by the court-appointed liquidator. If a claim was closed or a new claim needs to be filed, customers must contact the liquidator for claim information. Additionally, customers may be eligible for a refund of unearned premiums if their policy was canceled due to the liquidation. CIGA will attempt to contact each person with an open claim, but there may be delays in processing as they obtain necessary files from the liquidator. The deadline for filing a Proof of Claim (POC) is May 15, 2025, for most claims, while workers' compensation claims do not have a filing deadline as long as they comply with the California Workers' Compensation Act.

Exit Reason

Arrowood Indemnity Company is leaving California primarily due to its insolvency, which was officially declared by the Delaware Court of Chancery on November 8, 2023. The company was ordered into liquidation, which is a process that typically involves winding down operations and settling debts. This decision was influenced by several factors, including economic challenges, regulatory pressures, and the overall market environment for insurance companies. The liquidation process complicates the handling of claims and policyholder access to insurance, as the California Insurance Guarantee Association (CIGA) steps in to assist affected policyholders. The financial instability and regulatory environment in California likely contributed to the decision to liquidate and exit the state.

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Platform Links

Official Website

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