C. V. Starr & Co. (California) to Offer Commercial Insurance From Everest National Insurance Company.SAN FRANCISCO San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden -- Expanding the agency's servicing capabilities, C. V. Starr & Co. (California), a specialist in covering public entity risks and writing excess casualty insurance for residential and commercial contracting risks, announced today that the agency will begin offering commercial insurance coverage on behalf of Everest National Insurance Company, a member company of Everest Re Group, Ltd. The agency also announced that it will offer quotations for renewal business for accounts that go into effect on or after May 15, 2006. "Working with Everest National offers our agency more than $10 million of in-house underwriting capacity," said William J. Weichold, President of C. V. Starr & Co. (California). "Our agreement with Everest, an AM Best Rated A+, Category 15 insurer, also will allow us to broaden our client offerings, and enhance our ability to deliver innovative insurance solutions that meet our clients' needs." This new partnership will enable C. V. Starr & Co. (California) to expand its tailored service offerings to cover additional lines of excess casualty insurance, including the ability to offer surplus lines products for insureds requiring unique coverage through other Everest Re Group companies, focusing on large commercial and national accounts. About C. V. Starr & Co. California C. V. Starr & Co. (California), a wholly owned subsidiary 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. of C. V. Starr & Co., Inc., is the nation's leading managing insurance agent for public entity risks and a preeminent writer of specialty excess casualty insurance for the residential and commercial contracting industries. The agency provides its clients with a full range of expertise in excess commercial casualty insurance and special excess liability over self-insured retention insurance programs. An insurance underwriting manager since 1953, the agency is based in California and has offices in San Francisco, Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. , Seattle, Chicago, and Philadelphia. About C. V. Starr & Co., Inc. C. V. Starr & Co., Inc. is an independently-owned holding company with insurance agencies and a portfolio of global investments. Through its wholly owned insurance agencies, C. V. Starr historically has produced approximately $2 billion annually of comprehensive insurance coverage among several specialty lines covering aviation, marine, excess casualty and property, including risks with international exposures. These agencies provide a broad spectrum of value-added specialized services including claims handling and settlement, risks assessment and loss prevention, and customer focused attention. C. V. Starr also has more than $3 billion in investment assets that include public and private equity, hedge funds hedge fund, in finance, a highly speculative, largely unregulated investment device. Originating in the 1950s, the funds "hedge" by offsetting "short" positions (borrowing a security and then selling it at a higher price before repaying the lender) against "long" and alternative assets Alternative Assets A term referring to non-traditional assets with potential economic value. Notes: Examples of alternative assets include art and antiques, precious metals, fine wines, rare stamps and coins, and other collectibles such as sports cards. . C. V. Starr's significant presence in global markets, backed by the company's international expertise, has made it an industry leader for more than 50 years. The company is headquartered 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. . For more information, visit the company's website at www.cvstarrco.com. About Everest National Insurance Company Everest National Insurance Company, a member of the Everest Re Group, Ltd., provides property and casualty insurance to policyholders in the U.S. Everest Indemnity Insurance indemnity insurance Managed care A type of health insurance in which a Pt can choose the hospital and provider, and the insurer reimburses the Pt or provider for a set percentage of the cost, minus deductibles and co-payments Company offers excess and surplus lines insurance in the U.S. Everest Re Group, Ltd. is one of the leading professional 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. organizations in the world. On a consolidated basis, the group has shareholders' equity Shareholders' Equity A firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares. of $4.1 billion, including $2.3 billion of policyholders' surplus at its U.S. insurance and reinsurance operating companies operating company A business that engages in transactions with outsiders. . The group is rated A+ by A.M. Best and AA- by Standard & Poor's. Additional information on Everest Re Group companies can be found at the Group's web site at www.everestre.com. |
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