Seibels Bruce, One of many South’s Oldest Insurance coverage Corporations, Closes its Doorways

20 years after its subsidiaries had been deemed bancrupt and 155 years after it was based, one of many oldest insurance coverage firms within the South has formally gone out of enterprise.

Seibels Bruce & Firm’s 128,000-square-foot workplace constructing in Columbia, South Carolina, designated as a historic metropolis landmark, is now on the market, listed at $19 million, The State newspaper and Loopnet reported.

The corporate was based shortly after the U.S. Civil Conflict by Edwin Seibels and J.B. Ezell, and was as soon as one of many largest property-casualty insurers in South Carolina, using some 1,200 folks. It was thought of one of many early innovators of on-line insurance coverage information processing, providing providers to insurance coverage firms across the nation and in Canada, based on the College of South Carolina’s state encyclopedia web page.

However by the early 2000s, the corporate had run into monetary and regulatory hassle. In 2005, its subsidiaries South Carolina Insurance coverage Co. and Consolidated American Insurance coverage Co. entered voluntary supervision by state regulators, posted a $2.4 million deficit in its surplus, and was later declared bancrupt.

The corporate additionally was embroiled in litigation after it was charged with writing employees’ compensation protection for an organization with out authorization from the state Division of Insurance coverage, the DOI and The State reported.

In 2002, an audit by the Federal Emergency Administration Company raised pink flags and the company banned Seibels from writing flood insurance coverage. The corporate later developed into extra of an insurance coverage providers agency, offering enterprise course of outsourcing.

One other affiliated provider, Gulfstream Property and Casualty Insurance coverage, was domiciled in Florida. It was discovered to be bancrupt and was liquidated in 2021.

On Dec. 30, 2024, shareholders of the privately held firm voted to dissolve Seibels Bruce & Co., the Seibels Bruce Group Inc., Seibels Bruce Service Corp. and Seibels Bruce Specialty Inc., based on information stories. Nan Brunson was CEO of the corporate.

Picture: The Seibels constructing in Columbia, South Carolina. (South Carolina Division of Archives and Historical past)

Subjects
Carriers
South Carolina