Bancinsurance Corporation is a specialty property insurance holding company primarily engaged, through its property/casualty insurance subsidiary, Ohio Indemnity, in underwriting "Ultimate Loss Insurance" and Automobile Physical Damage Insurance
He currently oversees the company's Automobile Physical Damage Insurance
Bancinsurance Corporation is a specialty property insurance holding company primarily engaged, through its property/casualty insurance subsidiary, Ohio Indemnity Company, in underwriting "Ultimate Loss Insurance" and Automobile Physical Damage Insurance
Total expenses increased to $6,405,219 from $5,595,949, largely because of higher expenses associated with the Company's Automobile Physical Damage Insurance
The Company's third major line of business, Non-Standard Automobile Physical Damage Insurance
, has experienced the largest volume increase, but is only marginally profitable because claims related to this product have been higher than anticipated.
Si Sokol, President, said that Automobile Physical Damage Insurance
provided the largest dollar increase in premium income while Surety premiums also showed a strong improvement.
Each of the Company's principal lines of business recorded growth in net premiums earned with particularly strong performance from Automobile Physical Damage Insurance
and Bonded Service which grew 91% and 63%, respectively.
The absolute increases were primarily attributable to claims from Automobile Physical Damage Insurance
business written prior to discontinuation of the product earlier this year.
AHMIC), a national property and casualty insurer licensed in 48 states and the District of Columbia, writes primarily commercial automobile liability, commercial multiperil insurance, automobile physical damage insurance
, and workers' compensation coverage.
Every insurer authorized to write automobile liability insurance or automobile physical damage insurance
in Florida must be a member of the Association and agree to follow the Articles of Association and all rules and regulations of the FAJUA.