MADISON, Wis., March 11, 2009 — The 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, 2008. Capitol posted a combined ratio of 91.8% based on gross written premium of $184 million, which produced a $15.2 million underwriting profit. With a 4-year average combined ratio of 90.3%, the company has posted exceptional underwriting results in four consecutive years and maintains a strong financial position despite the unprecedented challenges faced in 2008.
“Capitol’s underwriting profit was the fourth highest achieved in any year in the company’s 50-year history, thanks to significant contributions from its agents and employees,” said Dave Pauly, Chairman and CEO. “This result was achieved despite higher than usual catastrophe losses for the year, a deteriorating economy and a continuation of declining rates attributed to intense competition in the insurance industry. These results demonstrate the strengths of our organization and its ability to earn a strong underwriting profit even under the most challenging of circumstances,” he said. The company also implemented major system enhancements in its billing and surety processing systems. With the initial release of its new online surety system, Capitol Express, agents now have the ability to obtain bonds by creating and submitting quotes online, anytime.
As Capitol enters 2009, the company is celebrating its 50th anniversary and, keeping with its theme of “Serving our customers and our communities for 50 years,” in addition to its normal community contributions, the company will be donating an additional $50,000 to various charities throughout the United States. With half a century behind it, Capitol is looking towards the future, confident in meeting the needs of its agency force by providing them with the tools they will need to be successful in an ever-changing insurance marketplace. “We’ve been fortunate to be a successful company over the past 50 years and would sincerely like to thank our dedicated customers and employees for putting their trust in Capitol. We couldn’t have done this without you,” said Jim McIntyre, President & COO of Capitol Insurance Companies.
Media Contact:
Capitol Insurance Companies
David Finkelstein - (800) 475-4450
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.
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