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The company has around $6.5 million in cash on hand, which it reported will be enough to maintain day-to-day operations during the bankruptcy.

The insurance market has faced massive problems during the past two years, with insurers seeking large rate increases and dropping hundreds of thousands of customers because of financial losses.

Insurance technology news from Copart, Coterie Insurance, Mosaic Insurance and more.

On December 10, 2021, a tornado struck the plant, causing the building to collapse. Nine people were killed and several others were injured.

Insurance-industry deals slowed in late 2022, but the outlook for 2023 isn't all bad.

Issues slated to be addressed include boosting the availability of critical reinsurance and bolstering the financial stability of the state's insurer of last resort.