A representative of the Illinois Department of Insurance will assist Millers First Insurance Company of Alton in righting its ship. The company has been hit hard by large claims in the past few years, and coupled with a low return on investments, Millers is no longer writing new policies and will not renew policies until its financial house rebounds. It will pay claims under current policies already in place.
Andrew Boron of the Illinois Department of Insurance has been appointed rehablitator of the company as it begins its overhaul. Millers First Insurance, formerly Millers Mutual, has been hit by claims from several severe storms in the Midwest since early 2011. The storm of April 28 was especially costly, costing the company $7.5 million for the single day. A court order this week out of Chicago set up the process by which Boron will oversee and control the rehabilitation of the companies finances, while the Millers First Board of Directors will put a plan in place to meet the goals of court order and return to regular business.