Division of Rehabilitation and Liquidation

Company Information - Cumberland Casualty and Surety Company

On February 26, 2004, the Second Judicial Circuit Court in and for Leon County, Florida issued a Consent Order placing Cumberland Casualty & Surety Company ("Cumberland") in receivership for purposes of rehabilitation.  The Florida Department of Financial Services, Division of Rehabilitation and Liquidation ("Receiver") is the court appointed Receiver of Cumberland.  The basis for Cumberland's consent to receivership is the financial impairment of the company.  Cumberland consented to be placed into rehabilitation in order for the Department to better assist the company in meeting its statutory and other obligations.

Cumberland writes insurance and bonds (surety and fidelity). Cumberland is a wholly owned subsidiary of Cumberland Technologies, Inc. (f/k/a Cumberland Holdings, Inc.,), and was incorporated on May 4, 1988 in the state of Texas. The company re-domesticated to Florida in September 1994.

Plan of Rehabilitation

Pursuant to the Rehabilitation Order, the Receiver has conducted the business of Cumberland and taken steps toward the removal of the causes and conditions which made the Consent Order necessary, as well as taken further action as deemed appropriate to attempt to reform and revitalize the company. Additionally, the Receiver has conducted substantial investigation into the affairs of Cumberland and made significant efforts to try to salvage monies towards payment of potential losses in an attempt to maximize value to claimants in the receivership.

On July 29, 2009, the Receiver filed the Receiver's Status Report and Motion for Approval of Rehabilitation Plan ("Motion"). On July 30, 2009, the Court issued an Order Approving Receiver's Status Report and Plan of Rehabilitation ("Order"). The rehabilitation plan is summarized below however copies of both the Motion and Order can be reviewed in their entirety, by clicking here.

Below is a summary of the Receiver's Approved Rehabilitation Plan:

• All outstanding Cumberland bonds are hereby cancelled effective sixty (60 days) from the date of the Order. The effective cancellation date for all outstanding bonds is September 28, 2009.



• A claims filing deadline of January 26, 2010 is established. All claims are to be submitted to the Receiver on or before the claims filing deadline. Claims submitted after the claims filing deadline shall be denied unless otherwise ordered by the Court.



• The Receiver is authorized to issue notice to claimants. All known potential claimants are being mailed a proof of claim form. In addition, the Receiver will publish notice in various publications.



• Any previous offers of settlement not accepted and finalized are hereby withdrawn.



• The Receiver establishes a process for the review of claims and objection process.



• The Receiver establishes a process for the release of collateral.

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