Baldwin & Lyons, Inc. announced that its Indiana-based Sagamore Insurance Company subsidiary will no longer market and underwrite workers’ compensation coverage for small businesses.
“This product line, the Company’s smallest with approximately $9.6 million of premium in force, has performed below expectations for several quarters and remediation measures undertaken late last year failed to improve underwriting results,” said the announcement.
It also noted that “policies currently in force will run off through normal expiration dates and all quotes outstanding will be honored. However, no new business will be written after December 31, 2004, “and that “all personnel involved in this product will be offered other positions within the Baldwin & Lyons Group.”
Was this article valuable?
Here are more articles you may enjoy.
China Accuses US of Orchestrating $13 Billion Bitcoin Hack 
Former Lloyd’s CEO Neal Will Not Join AIG; Hancock to Be General Insurance CEO 
Cyberattack Cripples Asahi Operations, Lifts Rival Brewers 
Bipartisan Legislation Introduced to Retroactively Restore NFIP 
