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National Interstate
National Interstate Reports Another Year of Success in its
Alternative Risk Transfer Programs
Richfield, Ohio - National Interstate Insurance Company, a leader in captive insurance for the transportation industry, reports significant expansion in its Alternative Risk Transfer (ART) component. In 2009, the company added 114 companies to its group captive programs, bringing that total to 384 companies at year end. During the year the company also introduced seven new ART programs including: two for fuel distribution and transport, a specialized liability program for shortline and regional railroads, and four large account rental captive programs for clients with $1 million or more in annual insurance premiums. National Interstate's 27 specialized ART programs represent over $200 million in premium in 2009.
"We are extremely proud of the continued progress we have made in our ART component," said Dave Michelson, President. "Our success in this component proves that many consumers are ready for an innovative long-term insurance solution that offers greater control, as well as a cost-effective method of sharing risk and reward. We have an extensive list of ART prospects, and remain confident that this year will bring us even more opportunities to launch creative new programs."
"Despite the current economic environment and soft insurance market conditions, customer retention rates in our ART programs remain solid at over 95%," said Terry Phillips, Senior Vice President. "Companies that join an alternative risk program typically stay in the program allowing us, and the producer, to gain a long-term customer. We attribute our high customer retention rates to the fact that ART programs foster a partnership philosophy. Members not only have a voice in the financial, loss control, and underwriting decisions of the group, they also have the opportunity to network and interact with other best-in-class operators in their industry."
National Interstate's 27 unique ART programs represent over half of the company's gross written premiums. The company is rated "A" (Excellent) VIII by A.M. Best Company, and has a 20-year history of strong growth and financial stability.
About National Interstate
National Interstate Insurance Company, a wholly owned subsidiary of National Interstate Corporation (Nasdaq: NATL), is a specialty property and casualty insurance holding company with a niche orientation and focus on the transportation industry. We differentiate ourselves by offering insurance products and services designed to meet the unique needs of targeted insurance buyers. Our products include insurance for transportation companies, alternative risk transfer, or captive insurance programs for commercial risks, specialty personal lines consisting of insurance products focused primarily on recreational vehicle owners and small commercial vehicle accounts, and transportation and general commercial insurance in Hawaii and Alaska. We offer our insurance products through multiple distribution channels including independent agents and brokers, affiliated agencies and agent Internet initiatives. Our insurance subsidiaries are rated "A" (Excellent) by A.M. Best Company. Founded in 1989, we are headquartered in Richfield, Ohio with operations in Honolulu, Hawaii, Mechanicsburg, Pennsylvania, and St. Thomas, Virgin Islands.
To learn more about National Interstate's ART insurance programs, contact Dan Keenan, at 800-929-1500 x1413, or email dan.keenan@natl.com.
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