Texas regulators have placed New Century Insurance Co. into liquidation after a Travis County District Court in Austin (in case number D-1-GN-25-07344) ruled the property and casualty insurer insolvent.
On Sept. 3, the court named Insurance Commissioner Cassie Brown as liquidator, with FitzGibbons and Co. Inc. appointed as special deputy receiver.
The Texas Department of Insurance said New Century no longer had assets equal to its liabilities and its capital levels fell below statutory requirements. All policies will be cancelled at 11:59 p.m. on Oct. 3, 2025.
Until then, premiums must still be paid, with the liquidator handling payments. Claims that would have been covered by New Century will instead be processed through the Texas Property and Casualty Guaranty Association.
Financials showed the company’s deterioration had been accelerating. In the first six months of 2025, New Century posted a net loss of $279,000. That followed a loss of $11.4 mn in 2024.
Policyholder surplus flipped from a positive $6 mn in 2023 to negative $6.07 mn in 2024, dropping further to negative $6.35 mn by mid-2025, according to Best’s Financial Report.
New Century only operated in Texas. Neither it nor other underwriting entities of parent RVOS Farm Mutual Insurance Co. carry ratings.
RVOS last held a rating in 2014, when AM Best downgraded it from B (Fair) to C++ (Marginal) after repeated weather-related underwriting losses and wildfire exposure. Shortly after, RVOS requested withdrawal from the rating process altogether.
All claims that TPCIGA doesn’t cover should be submitted to the SDR in the proof of claim (POC) process. This includes claims related to insurance policies but denied coverage by TPCIGA.
It doesn’t include claims for amounts over TPCIGA limits . It also includes claims for goods or services provided to New Century that aren’t related to insurance policies.
If a POC is approved, it may be payable from New Century’s available funds. The SDR can’t predict when or if there will be funds available to pay any approved POCs.
The receivership court will approve a POC form and instructions and set a claims filing deadline. After the court approves the POC form and deadline, the SDR will give notice of the POC deadline to known creditors, publish notice in newspapers, and post the POC form and instructions on the SDR web site.
