Meadowbrook Insurance Group Inc. on Thursday reported that, although potential claims information is very preliminary, it does not expect its net losses to be significant from Hurricane Katrina.
Meadowbrook President and Chief Executive Officer Robert Cubbin commented, “We expect no material financial impact from Hurricane Katrina. Generally, our insurance programs are structured to avoid geographic concentration of risks that might lead to natural or intentionally caused catastrophic events.”
Meadowbrook has added links to its Web site for existing policyholders and claimants to establish contact with designated claims personnel for its insurer subsidiaries: Star Insurance Company, Savers Property & Casualty Insurance Company, Williamsburg National Insurance Company, and Ameritrust Insurance Corporation.
Meadowbrook’s insurance company subsidiaries will temporarily refrain from issuing cancellation notices for premium payments not received from its (direct bill) policyholders in the affected areas of Louisiana, Alabama and Mississippi. Cubbin elaborated, “We will be working with our agents in these areas to assist in supporting our insureds. Also, we will comply with any mandates issued by the relevant state insurance departments.”
Meadowbrook employees are also raising relief funds which will be matched dollar-for-dollar by the Company.
Meadowbrook, based in Southfield, Mich., is a program-based risk management company specializing in alternative risk management solutions for agents, brokers, and insureds of all sizes.
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