South Carolina DOI Files Petition To Place Oceanus RRG Into Receivership
September 25th, 2017 | 1 min. read
By David Huss
Ray Farmer, Director of the South Carolina Department of Insurance, has filed a petition pursuant to the South Carolina Insurers Rehabilitation and Liquidation Act for an order appointing him as Liquidator of Oceanus Insurance Company, a Risk Retention Group.
In his petition the DOI Director asserts that Oceanus RRG “…has failed to consistently maintain the required minimum capital and surplus as to policyholders and has been unwilling or unable to timely infuse capital to remedy the deficiency and to address the underlying cause for the loss of its capital and surplus.”
Further, the petition asserts that Oceanus RRG “…is in a condition in which the further transaction of business would be hazardous, financially and otherwise, to its policyholders, creditors, or the public, and is insolvent as defined in SC Code A. & 38-27-50 (10) (2015)…”.
As the Co-Founder and Chief Production Officer of Ethos Insurance Partners, David, with decades of experience in the insurance industry, has a rich background starting in reinsurance brokerage and later specializing in healthcare professional liability placements. Co-founding Ethos Insurance Partners in 2004, David possesses a comprehensive understanding of professional liability exposure in the healthcare industry and is well-versed in the products and capabilities of carrier partners. His role at Ethos involves assisting production support staff efficiently solving healthcare professional liability-related problems for retail customers. Personally, David finds joy in building, from home projects to business ventures, and enjoys sharing good meals and wines with friends and family. He looks forward to continuing to build Ethos through collaboration and serving retail customers.
