CRM Holdings, Ltd. Announces Strategic Alliance with AmTrust Financial Services
08 Abril 2010 - 9:00AM
Business Wire
CRM Holdings, Ltd. (“CRM” or “the Company”) (Nasdaq:CRMH), a
provider of a full range of products and services for the workers’
compensation insurance industry, today announced that its primary
insurance subsidiary, Majestic Insurance Company (“Majestic”), has
entered into a quota share agreement with certain subsidiaries of
AmTrust Financial Services, Inc. (“AmTrust”), a multinational
specialty property and casualty insurance company, covering the
writing, management and administration of workers’ compensation
insurance in the western states of California, Arizona, Nevada and
Oregon.
Beginning April 1, 2010, Majestic will arrange for selected
workers’ compensation insurance policies to be underwritten by the
AmTrust group companies and reinsured by Majestic under a 90% quota
reinsurance agreement. Majestic will perform various management
services for the covered business, including marketing,
underwriting, issuance of policies, loss control, and claims
handling. The agreement limits the amount of covered business to
$40 million in any calendar year.
“We are extremely pleased to have begun this relationship with
AmTrust Financial. This will allow Majestic the flexibility to
offer insurance through AmTrust in the western states to our
brokers and clients that require A-minus rated coverage. At the
same time, Majestic will manage those policies and provide the
exceptional loss control services and claims management that
brokers and clients expect from Majestic. We are optimistic that
AmTrust’s excellent reputation will allow us to expand our primary
insurance segment in the covered states and we look forward to
exploring other opportunities with them,” said James Scardino,
Chief Executive Officer of CRM.
About CRM Holdings, Ltd.
CRM Holdings, Ltd. is a specialty provider of workers’
compensation insurance products. Through its subsidiaries, CRM
Holdings offers workers’ compensation insurance coverage,
reinsurance, and fee-based management services for self-insured
entities. The Company seeks to provide quality products and
services that fit the needs of its insureds and clients and is
dedicated to developing and maintaining a mutually beneficial,
long-term relationship with them. The Company’s workers’
compensation insurance coverage is offered to employers in
California, New York, New Jersey, Arizona, Nevada, and other
states. The Company's reinsurance is underwritten from Bermuda, and
the fee-based management services are provided to self-insured
entities in California. Further information can be found on the
Company’s website at http://www.CRMHoldingsLtd.bm.
CRMH-E
Forward-Looking statements
This press release contains forward-looking statements within
the meaning of federal securities law, including statements
concerning plans, objectives, goals, strategies, projections of
future events or performance and underlying assumptions (many of
which are based, in turn, upon further assumptions). These
statements are based on our current expectations and projections
about future events and are identified by terminology such as
“may,” “will,” “should,” “expect,” “scheduled,” “plan,” “seek,”
“intend,” “anticipate,” “believe,” “estimate,” “aim,” “potential,”
or “continue” or the negative of those terms or other comparable
terminology.
All forward-looking statements involve risks and uncertainties.
Although we believe that our plans, intentions and expectations are
reasonable, we may not achieve our plans, intentions or
expectations. There are or may be important factors that could
cause actual results to differ materially from the forward-looking
statements we make in this document. Such risks and uncertainties
are discussed in the Company’s Form 10-K for the year ended
December 31, 2009 and in other documents filed by the Company with
the Securities and Exchange Commission. We believe that these
factors include, but are not limited to the following:
- The cyclical nature of the
insurance and reinsurance industry;
- Premium rates;
- Investment results;
- Legislative and regulatory
changes;
- The estimation of loss reserves
and loss reserve development;
- Reinsurance may be unavailable
on acceptable terms, and we may be unable to collect
reinsurance;
- The occurrence and effects of
wars and acts of terrorism;
- The effects of competition;
- The possibility that the outcome
of any litigation, arbitration or regulatory proceeding is
unfavorable;
- Failure to retain key
personnel;
- Economic downturns; and
- Natural disasters.
These risks and others could cause actual results to differ
materially from those expressed in any forward-looking statements
made. The Company undertakes no obligation to update publicly or
revise any forward-looking statements made.
Crm (NASDAQ:CRMH)
Gráfico Histórico do Ativo
De Mai 2024 até Jun 2024
Crm (NASDAQ:CRMH)
Gráfico Histórico do Ativo
De Jun 2023 até Jun 2024