Amwest, Ranger Announce Servicing Agreement; Amwest to Provide Claims Management and Other Services for Ranger Agents and Their Principals.CALABASAS, Calif.--(BUSINESS WIRE)--May 11, 1999-- Amwest Insurance Group Inc. (AMEX AMEX See: American Stock Exchange :AMW AMW America's Most Wanted (TV show) AMW Air Mobility Wing AMW Amphibious Warfare AMW Ask Me Why (Beatles song) AMW Angewandte Medienwissenschaft (German: Applied Media Studies) ) today announced an agreement to administer claims management and other services for the contract surety bonding surety bond An insurance fee required before a duplicate security is issued to replace one that has been lost. The fee is approximately 4% of the market value of the security to be replaced. business formerly written by Ranger Insurance Company. Under the terms of the agreement, Amwest will handle surety claims and subrogation The substitution of one person in the place of another with reference to a lawful claim, demand, or right, so that he or she who is substituted succeeds to the rights of the other in relation to the debt or claim, and its rights, remedies, or Securities. services as well as contract surety policy services for existing Ranger bonds. Amwest will offer the following services for former agents and principals of Ranger Insurance Company: Claims and Subrogation Services: Claims on contract and commercial surety bonds underwritten by Ranger Insurance Company will be handled by Horizon Business Resources Inc., an Amwest subsidiary. Subrogation for these claims will also be managed by Horizon. Additionally, Ranger principals requiring funds administration to qualify for surety bonding will be assisted by Amwest's Contractor Disbursement DISBURSEMENT. Literally, to take money out of a purse. Figuratively, to pay out money; to expend money; and sometimes it signifies to advance money. 2. Service Inc. subsidiary. For claims and subrogation assistance, Ranger agents and principals should call Horizon Business Resources toll-free: 888/252-3658. Policy Services: Ranger Insurance Company agents and their principals who have questions on billings, consents of surety or other matters should call Horizon Business Resources Inc. toll-free: 888/252-3658. Underwriting Services: Ranger agents requiring additional contract surety bonds for their principals may submit business to their local branch office of Far West Bond Services, an Amwest subsidiary. To be automatically connected with their nearest Far West Bond Services office, Ranger agents should call toll-free: 800/788-8800. "It's been our goal to expand the services of our Risk Management Division to serve other clients," explained John E. Savage, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Amwest Insurance Group. "This agreement with Ranger Insurance Company makes excellent use of our corporate capabilities to handle their surety claims and subrogation needs. "In addition, this agreement offers Ranger the expertise and knowledge of our Underwriting and Branch Operations departments Operations department See: Back office. operations department See back office. to deal with policy service issues for existing Ranger agents and their principals. We're excited about providing these services to Ranger Insurance Company to make their withdrawal from the contract surety marketplace as seamless as possible for their customers and agents. "We look forward to providing our expertise to other companies in similar situations," Savage concluded. Amwest Insurance Group is a Calabasas-based insurance holding company underwriting surety bonds, bail bonds A written promise signed by a defendant or a surety (one who promises to act in place of another) to pay an amount fixed by a court should the defendant named in the document fail to appear in court for the designated criminal proceeding at the date and time specified. and property & casualty insurance through its Amwest Surety Insurance Company, Condor Insurance Company and Far West Insurance Company subsidiaries. Founded in 1970, Amwest Insurance Group is publicly traded on the American Stock Exchange American Stock Exchange (AMEX) Stock exchange in the U.S. Originally known as “the Curb,” it began as an outdoor marketplace in New York City c. 1850. It moved indoors to its present location in the Wall Street area in 1921. (AMEX:AMW), is Treasury-listed, and rated "A-" (Excellent) by A.M. Best Company. Further information on Amwest can be found on its Web site at www.amwest.com. |
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