Seibels Bruce files for dissolution, ending over a century in insurance

Historic exit follows years of decline and regulatory setbacks

Seibels Bruce files for dissolution, ending over a century in insurance

Insurance News

By Kenneth Araullo

Seibels, Bruce & Co, a property and casualty (P&C) insurance company with roots dating back to 1908, has officially filed for dissolution with the South Carolina Secretary of State.

The filing, submitted on Dec. 30, marks the formal closure of the company. All 600 shareholders unanimously approved the decision to dissolve.

Despite its longstanding presence, particularly in South Carolina, the company's closure is expected to have minimal impact on the state's insurance market. Michael Wise, director of the South Carolina Department of Insurance, confirmed that Seibels Bruce has not issued insurance policies in recent years and had shifted to providing back-office services for other carriers.

Wise also noted that the company holds no active licenses or filed products with the department, limiting any effect on policyholders or the broader market.

Founded in 1869 in Columbia, South Carolina, Seibels Bruce was once a prominent insurance provider in the southern United States. Historical records from the University of South Carolina highlight its former status as one of the region’s largest insurers.

The company began to experience financial difficulties in the early 2000s. In 2000, Seibels Bruce was delisted from the Nasdaq stock exchange after failing to meet listing requirements.

Regulatory challenges followed, with the company and its subsidiaries facing operational suspensions and restrictions in multiple states, including South Carolina, North Carolina, and Arizona.

The dissolution officially ends Seibels Bruce’s operations after more than a century in the insurance industry.

Elsewhere, the Massachusetts Division of Insurance has approved the acquisition of Hospitality Mutual Insurance Co (HMIC) by Mutual Capital Group Inc. and its Mutual Capital Investment Fund LP.

The approval marks the completion of HMIC’s transition to a mutual holding company structure, which the company said was a key objective of its reorganization.

HMIC president and CEO Dick Welch confirmed that the acquisition was funded and finalized on Jan. 10. Under the terms of the deal, Mutual Capital Group will acquire 45% of HMIC’s preferred stock for approximately $5 million from the newly formed Hospitality Group Mutual Insurance Holding Co., according to a decision from the Division of Insurance.

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