30th of July 2010
20/01/2010
ProBuilders Specialty Insurance Co, Risk Retention Group (Probuilders RRG), the DC-domiciled insurer for building contractors’ general liability policies is to stop writing new business on 1 March 2010.
Bill Tepe, chief financial officer for NationsBuilder Insurance Service (NBIS), which manages ProBuilders RRG, said the decision was due to increasing competition from traditional insurance carriers.
Current and future claims on the RRG have been transferred to NationsBuilder Insurance Co and NBIS has contracted with an A-rated carrier to offer coverages to contractors in 32 states.
NBIS is understood to be looking for another carrier to assume the remaining areas of coverage but Tepe is reported as saying that a deal had not yet been finalised in this respect.
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WELCOME TO THE Captive Review Cell Company Handbook 2009 – the second edition of our global directory of cell company jurisdictions. Since we last published this directory, the general attitude toward cell companies seems to have shifted up a gear. Whereas single-parent companies have long ruled the captive roost, a slight uptick in the formation of pure captives at the beginning of this year can’t hide the fact that growth in this market is still sluggish.
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