Rancho Dominguez, Calif.-based National American Insurance Company of California, the primary insurance subsidiary of Danielson Holding Corporation, announced its decision to focus exclusively on the California non-standard personal automobile insurance market.
Effective July 7, 2003, the Company ceased quoting new policy applications for commercial automobile insurance and began the process of providing 60 days statutory notice of its intent to non-renew existing policies. It is expected that by Sept. 2004, the Company will have completely exited the commercial auto marketplace. NAICC will now focus solely on the California non-standard personal automobile insurance market.
In conjunction with the elimination of new commercial automobile insurance, the Company also announced the appointment of a new President of NAICC and that it will be pursuing a corporate restructuring to reduce costs. Effective July 31, 2003, Jon Schneider will become president of NAICC. He replaces Jim Clary, who will resign as of that date to pursue other opportunities.
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