LAUDERDALE LAKES, Fla., March 26, 2009 (GLOBE NEWSWIRE) -- American Vehicle Insurance Company ("American Vehicle"), a wholly-owned subsidiary of 21st Century Holding Company (Nasdaq:TCHC), an insurance holding company, today announced that it received approval from the Florida Office of Insurance Regulation to enter into a reinsurance relationship allowing American Vehicle the opportunity to market and underwrite commercial general liability insurance through the State National Group of Companies, of Fort Worth, Texas, ("State National"), a company that has an "A" rating with A.M. Best Company, Inc. ("A.M. Best"). This agreement will enable American Vehicle to immediately deploy an A.M. Best rated artisan commercial general liability program in the Southeastern states.
Mr. Thomas J. Spitalny, President of American Vehicle, said, "We are pleased to announce this opportunity to offer coverage to an underserved market with an affordable quality insurance product. The company will now be able to better accommodate a larger standard and non-standard commercial marketplace. As a policy-issuing carrier, State National offers a range of new market opportunities and access to a national marketplace."
Michael H. Braun, Chief Executive Officer, commented, "This relationship not only gives us the ability to offer A.M. Best rated insurance products in a number of states, it will also increase our market share in markets where an A.M. Best rating is important to the policyholder. Our relationship with State National should allow us to manage our insurance programs in alignment with our business strategy while giving us flexibility with our existing products and the launching of new programs."
About the Company
The Company, through its subsidiaries, underwrites commercial general liability insurance, homeowners' property and casualty insurance, flood insurance and personal automobile insurance in the State of Florida. The Company underwrites general liability coverage as an admitted carrier in the states of Alabama, Louisiana and Texas for more than 300 classes of business, including special events. The Company is approved to operate as a surplus lines/non-admitted carrier in the states of Arkansas, California, Georgia, Kentucky, Maryland, Missouri, Nevada, Oklahoma, South Carolina, Tennessee, and Virginia and offering the same general liability products. The Company is licensed and has the facilities to market and underwrite other insurance carriers' lines of business, as well as to process and adjust claims for third party insurance carriers.
