Oceanus Insurance Company, a RRG, based in Scottsdale, AZ, was placed into liquidation proceedings on September 21, 2017, following an Order Commencing Liquidation Proceedings issued by the Court of Common Pleas in Richland County, South Carolina. The South Carolina Department of Insurance appointed Raymond G. Farmer as the Liquidator, and Michael J. FitzGibbons of FitzGibbons and Company, Inc. as the Special Deputy Liquidator.
As a result of the liquidation order, all policies issued by Oceanus Insurance Company remain in force for a maximum of 30 days from the date of the order, until the expiration of the policy coverage, or until the insured replaces the coverage with another insurer. The company will no longer defend or pay for the defense of its insureds, and policyholders are advised to seek independent counsel for legal actions covered under an Oceanus policy.
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