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Ashmere Insurance Company (AIC) is a small Florida Domestic insurance carrier that started writing business in December 2016 AIC was affiliated through common ownership with Guarantee Insurance Company (GIC), which is now in liquidation.

Ashmere Insurance Company (AIC) is a small Florida Domestic insurance carrier that started writing business in December 2016. AIC was affiliated through common ownership with Guarantee Insurance Company (GIC), which is now in liquidation.
On June 1, 2018, AIC learned that its reinsurance treaties could not be renewed.

Without adequate reinsurance, AIC placed itself into voluntary runoff by not writing new business or renewing expiring policies. AIC’s June 30, 2018 financial statement filed with the Florida Office of Insurance Regulation and other state regulators reported that AIC’s surplus had fallen below the minimum level to transact the business of insurance in the State of Florida. On August 3, 2018, AIC agreed to a consent order for administrative supervision to facilitate a smooth transition and orderly wind-down of AIC’s business. As part of the wind-down, AIC is cancelling all of its policies to minimize exposure to its policyholders and the public. Prior to September 1, 2018 AIC plans to send a notice of cancellation to all remaining Florida policyholders, cancelling their policies effective October 15, 2018. AIC plans to send notice of cancellation to policyholders in other states where it previously wrote business. The notices in other states may be sent at different dates in order to comply with statutory requirements in those other states.

It is important that policyholders replace their workers’ compensation insurance coverage as soon as possible, in no event later than the cancellation date shown on their Notice of Policy Cancellation. Policyholders should contact their insurance agent (listed on the notice of cancellation) or any licensed insurance agent for assistance in obtaining replacement coverage.

AIC will only charge premium for the term of coverage up to the earlier of the date workers’ compensation coverage was replaced or the date of cancellation. If there is any prepaid estimated premium for coverage beyond the date of the replaced coverage or the date of cancellation, AIC will return the amount overpaid within 15 days from the date of coverage replacement. Note that the final premium paid by a policyholder will be based on actual payrolls for the period of time coverage was in place. Each policyholder will receive a premium audit request listing all the information required for AIC to complete an audit and calculate the final policy premium.
Open claims for injured employees under any AIC policy will continue to be handled until the claim is resolved and closed.
Policyholders with questions should visit the AIC website at: https://www.ashmereins.com or call AIC at (877) 502-1242. Additional details may be posted to the Ashmere Insurance Company website as more information becomes available.