Capitol Insurance Companies Reports 2009 Results

MIDDLETON, Wis., March 25 /PRNewswire/ -- Capitol Insurance Companies (Capitol), a national provider of specialty property-casualty insurance and commercial surety products, is pleased to announce another strong year of underwriting profitability for the year ended December 31, 2009. Capitol posted a combined ratio of 93.9% based on gross written premium of $172 million, which produced a $10.1 million underwriting profit. The company has posted exceptional underwriting results with a five-year average combined ratio of 91.0% and maintains a strong financial position despite the unprecedented economic operating challenges faced last year.

In 2009, the property & casualty operation launched its widely anticipated commercial automobile insurance product. The product is available in 22 states for appointed insurance agents and brokers through a newly designed online processing system that allows them to rate and quote their automobile insurance in an easy and convenient manner. 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 & 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. "We understand the importance in ease of doing business and believe that by expanding our products and improving our technology, it will be even easier for our customers to place their business with Capitol," said Rick Allen, President, Surety & Fidelity Operations.

In November, Capitol acquired Specialty Global Insurance (Specialty Global), one of the nation's leading underwriting and claim management operations for miscellaneous professional liability insurance. "We are very excited about what Specialty Global brings to our organization," stated Jim McIntyre, President & COO of Capitol. "The company culture and underwriting philosophy at Specialty Global provides an extraordinary fit within the Capitol family of companies," said McIntyre. "Capitol is an outstanding company with exceptional results, and this transaction will enhance our ability to seize significant new opportunities that are being presented to us by our wholesale producers," stated Mark Rebein, President, Professional Lines.

As Capitol enters 2010, the company is well-positioned for continued success and is confident about meeting the needs of its agents and brokers in an ever-changing insurance marketplace. "We've been fortunate to be a successful company and would like to thank our dedicated agents, customers and employees for putting their trust in Capitol. We couldn't have done this without you," said McIntyre.

About Capitol

Capitol has been insuring business owners since 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. Information on Capitol is available at http://www.capitol.net. Capitol has an A ("Excellent") rating from A.M. Best. Capitol Indemnity Corporation, Capitol Specialty Insurance Corporation and Platte River Insurance Company are subsidiaries of Alleghany Insurance Holdings LLC.

This release was issued through eReleases(TM).  For more information, visit http://www.ereleases.com.

SOURCE Capitol Insurance Companies