BancInsure CEO Responds to A.M. Best Announcement.OKLAHOMA CITY Oklahoma City (1990 pop. 444,719), state capital, and seat of Oklahoma co., central Okla., on the North Canadian River; inc. 1890. The state's largest city, it is an important livestock market, a wholesale, distribution, industrial, and financial center, and a farm -- "Last year was challenging for the entire financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. sector - banks and insurance carriers taking an enormous hit," stated Rodney N. Sargent, 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 BancInsure. The company experienced losses that were driven by the unprecedented global economic crisis and an increased severity of claims in the Bond and D&O products sold to financial institutions. All other BancInsure products (including Property & Casualty and Workers' Compensation workers' compensation, payment by employers for some part of the cost of injuries, or in some cases of occupational diseases, received by employees in the course of their work. lines) remain profitable and continue to grow in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with our business plans. "The 2008 results are disappointing," continued Sargent, "However, we are confident that our business model, capital management plans, and 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. actions will yield improved results and provide appropriate assurances to all of our partners, as well as to A.M. Best Company. Our financial strength and stability are essential components of our success and we are taking steps to strengthen our financial results." Since 1992, BancInsure has proudly retained a Financial Strength Rating of A- (or greater) from A.M. Best Company. "The board of directors remains committed to ensuring that adequate capitalization capitalization n. 1) the act of counting anticipated earnings and expenses as capital assets (property, equipment, fixtures) for accounting purposes. 2) the amount of anticipated net earnings which hypothetically can be used for conversion into capital assets. exists to support the company's operations and to maintaining a strong balance sheet," said Sargent. Despite our losses in 2008, we remain dedicated to our niche of community banks, for the majority are run with discipline and diligence. BancInsure retains an excellent business position with its continued close ties to community banks that include exclusive endorsement agreements with more than 18 separate bankers associations. As a full-line independent insurer specific to financial institutions, BancInsure's understanding of financial institutions and their intricate operations is unmatched in the marketplace. This translates to extraordinary value through complete risk mitigation and risk management solutions. With today's announcement BancInsure still holds an A- (Excellent) Financial Strength Rating from A.M. Best Company while under review. |
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