A Missouri farm mutual that teetered on the brink of insolvencyafter the Joplin tornado in 2011 is now back on solid ground, saysthe state's insurance department.
|Barton County Mutual Insurance Co. has been released from thecontrol of the Missouri Department of Insurance.
|"Through an innovative arrangement with the Missouri Propertyand Casualty Insurance Guaranty Association, long with significantunderwriting and management changes overseen by the department,Barton is now poised for a long and prosperous future," says JohnM. Huff, director, in a statement.
|A Barton County, Mo. judge in December 2011 approved a proposal by the DOI to allow BartonMutual and sister companies Gateway Mutual and Cape Mutual to mergeinto one managed by Missouri Farm Bureau, which is the state'sseventh-largest homeowners' insurance company and ninth-largestauto insurer.
|One Jan. 1, 2012 Gateway and Cape Mutual officially merged intoBarton Mutual, according to the department's website. Each was amember of Barton County Mutual Group.
|According to the DOI, the three companies had combined premiumsales of $29 million in 2010 to make it the largest farm mutual inMissouri. But it faced $48 million in claims after the Joplin tornado in May 2011.
|Barton Mutual writes homeowner, farmowner, mobile homeowner,condominium, rental and seasonal, vacant and commercialproperties.
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