Last Updated: August 18, 2023
Wisconsin Reinsurance Corporation (WRC) is a property and casualty reinsurance company whose clients are mutual insurance companies located in Wisconsin, Arkansas, Illinois, Iowa, Missouri, and South Dakota. In Wisconsin, WRC is the reinsurer for 34 of Wisconsin's 44 town mutual insurers.
As part of WRC, 1st Auto & Casualty Insurance Company (1st Auto) offers direct coverage for personal auto, business auto, and personal/farm umbrella.
Many Wisconsin insurers, including WRC, experienced higher-than-expected losses in 2022 as severe storm events damaged property across the state. By the end of that year, WRC and 1st Auto reported that they did not have the financial stability to continue operating and meeting their obligations in the foreseeable future.
In 2023, efforts to find additional capital to stabilize their financial position did not materialize for WRC and 1st Auto. Both have indicated that their financial position has continued to deteriorate.
Due to these developments, the Office of the Commissioner of Insurance determined it was appropriate to take action to protect 1st Auto's policyholders and town mutual insurers who get reinsurance from WRC by controlling the remaining assets of the company through the rehabilitation process.
Frequently Asked Questions
WRC NAIC#: 30260
1st Auto NAIC#: 44725
Filing Date of Petition for Order for Rehabilitation: May 23, 2023
Date of Signed Rehabilitation Order: June 21, 2023
Rehabilitation Plan Framework
Rehabilitation Court Documents
The financial statements listed below are as filed with the Office of the Commissioner of Insurance.