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)…”.
David is Ethos’ Co-Founder and Chief Production Officer. He has decades of experience in the insurance industry during which he has played many roles, including that of a contract writer for a reinsurance brokerage firm, a management liability underwriter and, over the past 20 years, a wholesale broker focused exclusively on the healthcare professional liability (HPL) space. As a true HPL specialist David possesses a comprehensive understanding of professional liability exposures in the healthcare industry and is well-versed in the products and capabilities of Ethos’ numerous carrier partners. His role at Ethos includes supporting production support staff in their effort to efficiently solve HPL-related problems for retail customers, mentoring Ethos’ business development staff and working to develop and maintain relationships with carrier business development staff and underwriters. Personally, David enjoys building things, whether they be home projects or business ventures. He also enjoys sharing good food and good wine with friends and family. David looks forward to continuing to build Ethos and serving retail customers for years to come.
