BrickStreet Mutual Insurance Co., headquartered in West Virginia, will expand its services in 2009 by offering to provide its West Virginia policyholders with workers’ compensation coverage in other states.
BrickStreet will partner with Argonaut Insurance Co. to provide the expanded coverage opportunity. Argonaut, a licensed insurer in all 50 states, will write the out-of-state coverage and receive a premium commission from BrickStreet.
BrickStreet will act as the reinsurer for Argonaut under the partnership, and will retain all of the liability associated with policies placed through Argonaut. BrickStreet also will pay a loss deposit to Argonaut for initial claims obligations and a letter of credit to Argonaut as reinsurance collateral.
Source: BrickStreet Mutual Insurance
www.brickstreet.com
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