Allcity Insurance Company Announces Withdrawal From Certain Lines of Business.Business Editors BROOKLYN, N.Y.--(BUSINESS WIRE)--Dec. 20, 2000 Allcity Insurance Company (ALCI-NASDAQ) announced today that effective March 1, 2001, it would non-renew all voluntary statutory automobile (public livery LIVERY, Engl. law. 1. The delivery of possession of lands to those tenants who hold of the king in capite, or knight's service. 2. Livery was also the name of a writ which lay for the heir of age, to obtain the possession of seisin of his lands at the king's hands. F. N. B. 155. 3. vehicles: black cars, suburban cars and medallions) policies. In addition, the Company stated that effective immediately, it would no longer accept new applications or binders for voluntary private passenger automobile insurance. However, the Company will fulfill ful·fill also ful·fil tr.v. ful·filled, ful·fill·ing, ful·fills also ful·fils 1. To bring into actuality; effect: fulfilled their promises. 2. its renewal obligations in accordance with New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of insurance law. The Company also announced that, it intends to withdraw from the voluntary commercial automobile business, consistent with regulatory requirements Regulatory requirements are part of the process of drug discovery and drug development. Regulatory requirements describe what is necessary for a new drug to be approved for marketing in any particular country. . For the nine months ended September 30, 2000, net earned premium Earned premium is the portion of an insurance written premium which is considered "earned" by the insurer, based on the part of the policy period that the insurance has been in effect, and during which the insurer has been exposed to loss. revenues were approximately $3.0 million, $4.1 million, and $1.5 million for the voluntary statutory automobile, voluntary private passenger automobile, and voluntary commercial automobile lines, respectively, and represented approximately 12.6%, 17.5%, and 6.1%, respectively, of the Company's total net earned premiums for that period. The amounts shown above for the voluntary private passenger automobile business primarily resulted from renewals. This press release and statements by the Company in reports to its shareholders and public filings, as well as oral public statements by Company representatives, may contain certain forward-looking information that is subject to certain risks and uncertainties that could cause actual results to differ materially from those set forth in, contemplated by or underlying the forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . Without limitation, these risks and uncertainties include general economic and market conditions, changes in competition and pricing environments, the occurrence of significant natural disasters, the inability to reinsure re·in·sure tr.v. re·in·sured, re·in·sur·ing, re·in·sures To insure again, especially by transferring all or part of the risk in a contract to a new contract with another insurance company. certain risks economically, the adequacy of loss reserves, prevailing interest rate levels, and weather related conditions that may affect the Company's operations. Undue reliance should not be placed on these forward-looking statements, which are applicable only as of the date hereof. The Company undertakes no obligation to revise or update these forward-looking statements to reflect events or circumstances that arise after the date of this press release or to reflect the occurrence of unanticipated events. |
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