Evergreen USA Risk Retention Group (RRG) has decided to stop renewing existing policies effective 15 July 2014.
The caravan-cover insurance company has faced “stiff competition” from what Evergreen USA president Lucas Hartford has called “large companies with the resources to beat our rates”.
Evergreen RRG will work with Leavitt Recreation and Hospitality (Leavitt Rec), which will replace the company when the coverage expires.
Hartford added: "We know [Leavitt Rec] represent many great companies and will work hard and be successful providing our clients with great coverage, affordable pricing and the good service they’ve come to expect."
Evergreen Indemnity decreased its net retention in 2005, after changing its reinsurance programmes.
Customers will still be covered by their insurance policy until they expire and will be suitably notified of the next steps, according to the insurer.
Chris Hipple, managing general partner of Leavitt Rec said: "Good competition keeps you very sharp and, while we’re saddened at the loss of an honourable competitor, we are very excited."
"Our goal is to make this transition as smooth and seamless for the customers as possible. This change will be a big one, but we feel that we can make this as positive as possible."
