Praetorian Specialty Insurance Receives A- (Excellent) Rating from A.M. Best.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 -- Praetorian Financial Group, a leader in U.S. specialty insurance, announced today that A.M. Best had assigned an A- (Excellent) rating to the Company's Praetorian Specialty Insurance Company (PSIC PSIC Public Safety Interoperable Communications PSIC Passive Solar Industries Council PSIC Pipelined Successive Interference Cancellation PSIC Provisioning System Identifier Code ) subsidiary. "A.M. Best's assignment of the A- rating to Praetorian Specialty Insurance Company is a welcome and significant step in the development of this business. The rating assignment is representative of the strength of our capital position which further supports our ability, and that of our underwriting partners, to respond quickly to market conditions." said Rod Fox, Praetorian's Chief Executive Officer. PSIC is the former excess and surplus lines carrier Alea North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. Specialty Insurance Company, which on October 2nd Praetorian announced it had acquired. This platform provides Praetorian and its business partners greater geographic reach, as well as the ability to write a wider range of risks. PSIC is a non-admitted carrier and is authorized to write business in 38 states including New York, California and Texas. A.M. Best's A- ratings for Praetorian Financial Group and its Praetorian Insurance Company and Redland Insurance Company subsidiaries remain under review with developing implications following the December 12th announcement that QBE Insurance QBE Insurance Group Limited ASX: QBE is an Australian based general insurance provider, providing insurance services mainly to the Asia Pacific region, but also America and Europe. It has offices in 44 countries. Group had agreed to acquire Praetorian Financial Group. In its December 14th release following the acquisition announcement, A.M. Best indicated that while a significant level of due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. still needed to be completed by A.M. Best, based on the information disclosed, it was likely that the rating of Praetorian Financial Group would be affirmed. Praetorian is an underwriter of specialty insurance. The company focuses on areas of the market where the exposure is unique and requires specialized underwriting knowledge, or where the delivery of the policy, the risk selection, or the manner in which the customer relationship is managed provides a competitive advantage. About Praetorian Financial Group, Inc. The Praetorian Financial Group is a leader in the specialty insurance business, focusing on distinct niches within the market. The Group's insurance subsidiaries, Praetorian Insurance Company, Praetorian Specialty Insurance Company and Redland Insurance Company, are rated "A-" (Excellent) by A.M. Best and "A" (Strong) by Standard & Poor's. Headquartered in New York, Praetorian Financial Group is a subsidiary of Hannover Re Hannover Re (FWB: HNRGn), in German Hannover Rückversicherung AG, with gross premium of around €9 billion in 2006, is one of the five largest reinsurance groups in the world. Its headquarters are in Hanover, Germany. , one of the largest 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. groups in the world, and has branch offices in Illinois, Kansas, Tennessee, and Nebraska. Praetorian partners with leading specialty insurance general agents throughout the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . |
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