Washington Casualty Reinstated in Idaho

The Idaho Department of Insurance has reinstated the license of Washington Casualty Co., a subsidiary of FinCor Holdings Inc., allowing it to underwrite insurance in the state.

The reinstated license validates WCC’s significantly improved financial position during the past nine months, FinCor said. When WCC was acquired by FinCor in Oct. 2006, the Issaquah, Wash.-based medical professional liability insurer was in receivership and was operating under restricted licenses in Idaho and Oregon. The company now has more than $11.7 million in capital, a 10 percent increase in sales, and net new business of more than $1 million, the company said. FinCor also said WCC holds a “B+” rating by A.M. Best, and is able to write insurance limits up to $16 million thorugh its new reinsurance program.

Source: FinCor