Richfield, Ohio-based National Interstate Insurance Company reports it experienced significant expansion in its Alternative Risk Transfer (ART) component in 2009. The company added 114 companies to its group captive programs, bringing the total to 384 companies at year end.
During the year the company also introduced seven new ART programs including: two for fuel distribution and transport, a specialized liability program for shortline and regional railroads, and four large account rental captive programs for clients with $1 million or more in annual insurance premiums.
National Interstate’s 27 specialized ART programs represent over $200 million in premium in 2009. Terry Phillips, senior vice president for National Interstate, said customer retention rates in the ART programs exceed 95 percent.
National Interstate’s 27 unique ART programs represent more than half of the company’s gross written premiums. Founded in 1989, in addition to Ohio it has operations in Honolulu, Hawaii, Mechanicsburg, Penn., and St. Thomas, Virgin Islands. The company is rated “A” (Excellent) VIII by A.M. Best Company.
Source: National Interstate Insurance Company
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