Once prominent 155-year-old SC insurance company goes out of business. Here’s what we know

A Columbia insurer that dates back to shortly after the Civil War has been dissolved, according to South Carolina Secretary of State records.

Seibels Bruce and all its subsidies were dissolved on Dec. 30, 2024.

The company was founded in 1869 as Seibels & Ezell and registered with the South Carolina Secretary of State as Seibels Bruce in 1908.

Company founder Edwin G. Seibels is credited with inventing the vertical filing cabinet in 1898.

At one time, Seibels Bruce was one of the largest property casualty companies in the South, employing about 1,200 people. It was an early developer of online insurance data processing, according to the South Carolina Encyclopedia.

A representative of the South Carolina Department of Insurance said no South Carolina policyholders are affected by the dissolution.

“Seibels Bruce in recent years has been a service provider rather than an insurance carrier,” the department spokesperson said. “The company is not a licensee of this Department and has no insurance products filed with our Department.”

A provider offers services to insurance companies, such as claims processing or billing, rather than writing policies for consumers.

For the past two decades the company has found itself in trouble with various regulatory agencies including FEMA and the South Carolina Department of Insurance, Co. and was under regulatory supervision in four states.

It struggled to regain profitability for 20 years before that.

In 2002, the company wrote workers’ compensation insurance for employees of Human Dynamics Corp., an employee leasing firm in Arizona, without approval from South Carolina regulators, The State reported.

Also in 2002, Seibels failed FEMA audits and was banned from writing federal flood insurance.

In 2005, the company’s South Carolina Insurance Co. and Consolidated American Insurance Co. subsidiaries were under the administrative supervision of the South Carolina Department of Insurance for failing to meet minimum financial requirements of at least $1.5 million in capital and $1.5 million of surplus assets beyond its liabilities, Ann Roberson, spokeswoman for the Insurance Department, told The State.

Also in 2005, South Carolina Insurance Co. was declared insolvent. The State reported the company and its subsidiary, Consolidated American Insurance Co., will be closed by a court-appointed receiver called in to settle remaining claims and other obligations.

Meanwhile in 2004 shareholders approved changing the company from public to private.

The company’s 128,330 square-foot headquarters at 1501 Lady Street is for sale for $19,250,000, according to LoopNet.

Dissolved were Seibels Bruce and Company, the Seibels Bruce Group Inc., Seibels Bruce Service Corporation and Seibels Bruce Specialty Inc.

Nan Brunson, the chief executive officer who signed the dissolution papers, could not be reached for comment.

This story was originally published January 16, 2025 at 6:00 AM.