New York Marine And General Insurance Co. said it will continue writing a book of excess workers’ compensation insurance through Midlands Management Co. and that its previous reinsurance agreement with Twin Bridges, Ltd., a wholly-owned subsidiary of CRM Holdings, Ltd. had been terminated effective Dec. 31, 2006.
“The termination of our agreement with CRMH’s subsidiary was anticipated. NYM entered into a program agreement with MMC on January 1, 2006, and a substantial amount of premium covering excess workers’ compensation insurance has already been written through MMC and independent of CRMH since the first of this year. We expect that this line will continue to make a substantial contribution to net premiums written in 2007,” explained A. George Kallop, NYMAGIC’s president and chief executive officer.
NYMAGIC specializes in writing ocean marine, inland marine and non-marine liability insurance. The company maintains offices in New York, San Francisco and Chicago.
Source: NYMAGIC
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