Arch Insurance Group Announces $25 Million in New Capacity for the Railroad Industry.Business Editors NEW YORK--(BUSINESS WIRE)--May 25, 2004 Arch Insurance Group, a division of Arch Capital Group Ltd., today announced its entrance into the railroad railroad or railway, form of transportation most commonly consisting of steel rails, called tracks, on which freight cars, passenger cars, and other rolling stock are drawn by one locomotive or more. arena with up to $25 million in new capacity -providing an additional market for a wide assortment of rail-related coverages. Arch has put together an experienced team of insurance professionals who understand the risks confronting today's railroad professionals. Headed by industry veterans Robert J. Keller, senior vice president, and David Adamczyk, vice president, the Railroad Department has underwriting Underwriting 1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt). 2. The process of issuing insurance policies. facilities in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. and Owings Mills, Maryland Owings Mills is an unincorporated community and a census-designated place in Baltimore County, Maryland, United States. The population was 20,193 at the 2000 census. Owings Mills is home to the northern terminus for the Baltimore Metro Subway and to Owings Mills Mall. . "Arch is once again filling a shortage in capacity in a niche industry market. Bob Keller and Dave Adamczyk possess the professionalism, creativity and experience that will enable Arch to meet the needs of our railroad customers," said Elaine Trischetta, executive vice president, Casualty, Arch Insurance. Bob added, "We are a dedicated team who understand the risks confronting today's railroad industry. Our team offers a full line of quality products and services from risk assessment to underwriting, first-rate claims handling and emergency response services." The Arch product portfolio includes coverage for rail operators, lessors, contractors, suppliers and service providers, with a focus on writing Primary Liability for Shortline Railroads, Excess placements on Commuter Railroads and Layered Freight Railroad Programs, plus Commercial General Liability for railroad suppliers and Railroad Protective Liability for other specific projects. Policies are available on a claims made basis, but occurrence-based coverage is also available. Coverage may vary from state to state. Arch Insurance Group is a division of Arch Capital Group Ltd., a Bermuda-based company that provides insurance and reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. on a worldwide basis through its wholly owned subsidiaries Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. . Arch Insurance Group's principal insurance subsidiaries - Arch Insurance Company, Arch Specialty Insurance Company and Arch Excess & Surplus Insurance Company - are rated A- (Excellent) by A.M. Best. For more information, visit www.archinsurance.com. Cautionary Note Regarding 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. The Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 provides a "safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " for forward-looking statements. This release or any other written or oral statements made by or on behalf of Arch Capital Group Ltd. and its subsidiaries (collectively, the "Company") may include forward-looking statements which reflect the Company's current views with respect to future events and financial performance. Forward-looking statements involve the Company's current assessment of risks and uncertainties, which may cause actual events and results and prospects to differ materially from those expressed or implied in these statements. Certain information regarding such risks and uncertainties is set forth in the Company's filings with the Securities and Exchange Commission. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. |
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