Capitol Insurance Companies (Capitol), a Middleton, Wis.-based national provider of specialty property-casualty insurance and commercial surety products, reported a strong year of underwriting profitability for the year ended Dec. 31, 2009.
Capitol posted a combined ratio of 93.9 percent based on gross written premium of $172 million, which produced a $10.1 million underwriting profit. The company has posted underwriting results with a five-year average combined ratio of 91.0 percent and maintains a strong financial position despite the unprecedented economic operating challenges faced last year.
In 2009, the property and casualty operation launched a commercial automobile insurance product. The product is available in 22 states for appointed insurance agents and brokers through a newly designed online processing system.
In addition to commercial automobile, Capitol also expanded its workers compensation insurance product into a number of new states. This product is now available in 17 states for designated insurance agents and brokers.
The Company’s fidelity and surety operation continued to expand its new online surety system, Capitol Express (CapEx), so that agents and brokers have the ability to obtain bonds online, anytime. CapEx now offers a variety of bond types in a number of states with additional state and bond expansions planned for 2010.
In November, Capitol acquired Specialty Global Insurance (Specialty Global), an underwriting and claim management operation for miscellaneous professional liability insurance.
Founded in 1959, Capitol is a national underwriter of specialty insurance products in niche areas of the commercial property and casualty and the fidelity and surety markets. Through its operating entities, Capitol Indemnity Corporation, Capitol Specialty Insurance Corporation and Platte River Insurance Company, Capitol offers high-quality customer service in programs tailored to the needs of its customers’ business and risk management strategies.
Source: Capitol Insurance Companies, http://www.capitol.net.
Topics Profit Loss Agencies Excess Surplus Property Casualty Wisconsin
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