|
|
|
| Peachtree
Casualty Insurance Company
|
.gif) |
Peachtree
Casualty Insurance Company was
incorporated on November 29, 1983
in Atlanta as a Georgia domestic
company, and commenced operations
on July 1, 1985. Initial Capital
and Surplus was $1,200,000. On
12/31/2001, PCIC re-domesticated
to Florida, and now maintains its
home and principle business
office in Longwood, Florida.
Administrative office - P.O. Box
720713, Atlanta, GA 30327.
(770)436-7575 |
| |
|
| Financial
Ratings |
|
Financial
History |
A.M.
Best's Rating -
B++ (Very Good), Class IV.
Outlook Stable
The Financial Performance Section
says in part: Peachtree
Casualty's operating results have
been fairly consistent over the
past five years, as evidenced by
pre-tax returns on revenue. The
company has generated positive
operating returns in each of the
past five years, mainly driven by
favorable underwriting results in
most years. Over the near term,
A.M. Best believes the company's
operating results should continue
to benefit from management's
disciplined underwriting approach
and conservative investment
strategy.
The company has benefited from
favorable loss experience as
reflected by a loss ratio that is
below the industry composite.
This level of consistency was
attributable to rate increases,
tightened underwriting standards
and more selective producer
appointments. Demotech,
Inc. – A,
Exceptional –
“Regardless of the severity
of a general economic downturn or
a deterioration in the insurance
cycle, insurers earning a
Financial Stability Rating ® of
"A" possess Exceptional
financial stability related to
withstanding a general economic
downturn or deterioration of an
underwriting cycle.”
|
|
| Year |
Capital
and Surplus |
| 1985 |
$1,200,000 |
| 1995 |
$3,021,000 |
| 1997 |
$3,841,000 |
| 1998 |
$4,340,780 |
| 1999 |
$4,382,131 |
| 2000 |
$4,001,257 |
| 2001 |
$4,220,782 |
| 2002 |
$4,340,383 |
| 2003 |
$5,040,778 |
| 2004 |
$5,613,537 |
| 2005 |
$5,620,283 |
2006
|
$6,513,096
|
| |
|
|
| Reinsurance |
| As
of 01/01/07, PCIC maintains a
quota share reinsurance treaty
with Ace Property and Casualty
Insurance Company and QBE
Reinsurance Corporation on all
business written. Ace Property
and Casualty Insurance Company is
rated A+ (Superior),Class XV by
A.M. Best. QBE Reinsurance
Corporation is rated A
(Excellent), Class X by A.M.
Best. |
| Underwriting |
| PCIC
currently writes non-standard
private passenger auto liability
and physical damage coverage in
Florida and Georgia. Policies are
written for six month term. All
business is serviced by affiliate
First Insurance Network, Inc. and
is written through independent
agents. |
| Regulatory |
- A
tri-annual examination of
financial condition was
made as of December 31,
2005 by the Insurance
Department of GA.
- An
independent audit of the
company's affairs through
December 31, 2005 was
conducted by Porter,
Keedle and Moore.
- An
evaluation of reserves
for unpaid losses and
loss adjustment expenses
was made as of December
31, 2006 by Milliman
& Robertson, Inc.
|
| Management |
| All
of PCIC's outstanding common
shares are owned by Network
Holding, Inc. founded in 1980.
Managing general agency
affiliate, First Insurance
Network, Inc., has an exclusive
contract for underwriting, claims
payment, claims adjustment,
binding authority and premium
collection of all coverages. President,
William A. Dial, Jr., has
been active in the insurance
industry since 1969 in various
capacities of claims, marketing
and underwriting. He has been
active with the parent company
since its inception in 1980 and
has responsibility for the
affairs of PCIC as well as for
the affiliates of the
organization.
Vice
President, Marianne Johnston,
has been with the organization
since 1983. She actively
coordinates the efforts of the
MIS department with the other
departments and assists in the
maintenance of all computer
programming as well as new
programming.
Vice
President, Sherrie Newton, has
been with the organization since
1985 and has worked her way up
from claims clerk to Claims
Manager and Vice President. She
has attended the Crawford and
Company Property and Casualty
School and has completed the
complete course for CIC.
Secretary,
Donald E. Tefft, has been
active as a consultant with the
organization since 1984. Mr.
Tefft hails from Rhode Island,
was the founder and first
President of First of Georgia
Insurance Company in Augusta in
1952 and was active in management
with Guy Carpenter Reinsurance
Brokers in Chicago, Hartford, and
Atlanta until his retirement from
Carpenter in 1984.
Treasurer,
Jay Yerramilli, has been with
the organization since 1993, as
accounting manager and now as
Treasurer. He earned a masters
degree in Accounting from Andhra
University ( India), MBA from
University of Dallas Texas. He
presently oversees the accounting
department and all accounting
related matters of PCIC as well
as for the affiliates.
Chief
Marketing and Underwriting
Officer, Wayne Dent, has
been with the organization since
2004, as Marketing and
Underwriting manager. He has been
active in the insurance industry
since 1984.. He presently
oversees the Underwriting
Department and supervises
Marketing personnel and
activities.
|
| Subsidiaries
and Affiliates |
First
Insurance Network, Inc.
First
Insurance Network of
Florida, Inc.
Network
Premium Finance, Inc.
Peaches
Insurance Agencies, Inc.
Peachtree
Casualty Insurance
Company
Qualification
Services, Inc.
United
States Contractors
Association.
|
|
| Territories |
Peachtree
Casualty Insurance Company is
licensed in:
| Alabama |
Iowa |
Oklahoma |
| Alaska |
Kansas
|
Oregon
|
| Arizona |
Kentucky |
Pennsylvania
|
| Arkansas |
Louisiana |
Rhode
Island |
| Connecticut |
Maryland |
South
Carolina |
| Delaware |
Montana |
South
Dakota |
| DC
Washington |
Minnesota |
Tennessee |
| Florida
|
Mississippi |
Texas |
| Georgia |
Nevada |
Utah |
| Hawaii |
Nebraska
|
Washington |
| Idaho |
New
Mexico |
West
Virginia |
| Illinois |
New
York |
Wyoming |
| Indiana |
North
Dakota |
|
Affiliate
First Insurance Network writes
commercial property and casualty
programs (both admitted and
non-admitted) for its client
companies in the southeast and
manages a national group
insurance program for United
States Contractors Association,
for group Artisan Contractor's
General Liability Insurance.
|
| Last
Updated: 9/12/06 |
| |
|
|
