“Golden Eagle Insurance will non-renew the company’s small book of workers’ compensation policies, starting with policies that have an effective date of August 1, 2002,” wrote Golden Eagle Insurance Company’s general counsel Tim Lickness in a press release.
The release cited the San Diego-based company’s decision to cease underwriting because of the turmoil in the workers’ comp market over the past several years, deeming their own workers’ comp line to be unprofitable, despite efforts to remain in the market.
The company reached its decision after consultation with its Agent Advisory Council.
Additionally, Lickness wrote that the decision will further allow the company to “focus its capital, underwriting capacity and resources on its core commercial property and casualty business and strategy of being the most profitable and largest regional commercial insurer serving small to mid-size California companies through independent insurance agents.”
The company had no further comment.
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