Centennial Insurance Company reported a negative capital and surplus of $2, 029,752 as of December 31, 2009 in its annual financial statement. Ohio insurance law requires insurance companies that have authority to write commercial lines of business, like Centennial, to maintain a minimum capital and surplus of $5 million to do business in the state of Ohio and allows the Director to revoke a company’s license for failing to do so.
Centennial has not written any new business in Ohio since 2008 and there are no current policyholders in Ohio. However, Ohio policyholders that have a claim under a policy with Centennial can still file claims with the Company.
Centennial Insurance Company’s license was revoked effective May 11, 2010.