Westminster American Insurance Company was chartered in Maryland in 1869 as the Mutual Fire Insurance Company of Carroll County (also known as “Carroll County Mutual,” or “CCM”). The founding purpose was to protect the financial interests of home and farm owners in rural Carroll County, Maryland. For more than a century, CCM enjoyed modest success as a mutual carrier. Following two catastrophic losses and a devastating loss to policyholders’ surplus in 2003, CCM was placed in receivership by the Maryland Insurance Administration with the hopes of rehabilitating the 134 year old company.
In 2005, after acquiring the newly demutualized company from state-supervised rehabilitation, new ownership and management renamed the company Westminster American Insurance Company (“WAIC”) and refocused all underwriting efforts on commercial real estate in the Mid-Atlantic region. Since then, WAIC has enjoyed substantial premium and profitability growth and has earned an “A-” (Excellent) rating with A.M. Best. Today, WAIC is a leading insurer of commercial real estate on the East Coast.