Republic Assists Agents in Moving Texas Select Policyholders; Thousands of Policyholders Avoid Lapse in Coverage
2006年7月27日 - 12:05AM
PRニュース・ワイアー (英語)
DALLAS, July 26 /PRNewswire-FirstCall/ -- The Republic Group has
mounted an unprecedented effort to assist independent agents in
moving their former Texas Select customers to Republic prior to
August 24, 2006, the date mandated by the Texas Department of
Insurance for cancellation of Texas Select policies. Because Texas
Select Lloyds Insurance Company has been placed into receivership,
tens of thousands of Texas homeowners must find replacement
coverage and must do so quickly to avoid lapse in coverage.
Republic recognized early the impact that the failure of Texas
Select would have on the Texas marketplace and created a policy
acceptance unit devoted to processing new policies for former Texas
Select policyholders. "It's been an extraordinary undertaking,"
said Parker Rush, Republic's President and Chief Executive Officer.
"People from every discipline in our organization came together to
create our special policy acceptance unit, dedicated exclusively to
relieving agents of the huge burden of placing their Texas Select
business with another company. Agents are amazed, and quite
relieved, that we can handle the inrush of applications so quickly
and so well. Already, we have issued thousands of new policies for
former Texas Select policyholders and have the capacity, in terms
of capital, reinsurance and organizational framework, to expand our
writings even further. Insurance coverage will be provided by
Republic Lloyds, a company within our Group, which has been issuing
policies in Texas for over 50 years." "Our message to the
marketplace for some time now has been, 'We're Open for Business'.
We're committed to expanding our market in Texas and can do it
because we have the know-how and financial strength to grow
prudently. We're continually working with our agents to ensure our
coverages address the needs of Texans. This is exemplified by the
recent introduction of our new all risk HO-3 product that has many
features designed especially for Texas homeowners," he added.
"After experiencing Texas Select's failure, policyholders want to
know that their insurance company is stable and secure. They get
that with The Republic Group. We have the commitment and capital to
continue our long- standing tradition of providing Texas consumers
the products they need." Interested consumers can find the
independent insurance agent nearest to them that provides Republic
products by contacting Republic at 972-788-6313. Republic Companies
Group, Inc. (NASDAQ:RUTX), through a group of insurance companies
and related entities, provides personal and commercial property and
casualty insurance products. In its Independent Agents segments,
Republic distributes these products to individuals and small to
medium-size businesses through a network of independent agents
primarily in Texas, Louisiana, Oklahoma, and New Mexico. In its
Program Management and Insurance Services segments Republic
capitalizes on its unique combination of charters and licenses to
develop and manage target-niche insurance products that are
distributed through managing general agents in many additional
states. Republic is rated A- (Excellent) by A.M. Best Company, Inc.
with a stable outlook. The company completed its Initial Public
Offering in August 2005. Visit http://www.republicgroup.com/ for
more information.
http://www.newscom.com/cgi-bin/prnh/20050801/REPUBLICLOGO
http://photoarchive.ap.org/ DATASOURCE: Republic Companies Group,
Inc. CONTACT: Michael E. Ditto, Esq., Vice President, General
Counsel and Secretary of Republic Companies Group, Inc.,
+1-972-788-6000 Web site: http://www.republicgroup.com/
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