 |
 |
|
 |
|
| SEPTEMBER 4, 2010 |
| LAST TRADED: |
$3.51 |
| CHANGE: |
+0.04 |
| OPEN: |
$3.47 |
| HIGH: |
$3.51 |
| LOW: |
$3.44 |
| VOLUME: |
4636 |
| |
|
| 52-WEEK |
| HIGH: |
$4.98 |
| LOW: |
$3.32 |
|
|
|
|
|
|
|
| |
|
 |
 |
| |
|
|
Press Releases | Articles
|
| Contact: |
Edward J. Lawson, President CEO and Chairman, 21st Century Holding Company
(954) 308-1257 or (954) 581-9993 |
|
UPDATE/21st CENTURY HOLDING COMPANY’S SUBSIDIARY AGREEMENT WITH THE REPUBLIC GROUP APPROVED BY FLORIDA OIR
|
Lauderdale Lakes
,
Florida
,
March 28, 2006
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 (OIR) to enter into a business relationship with certain member companies of The Republic Group of Dallas, Texas. This press release is intended to replace the release issued earlier today by American Vehicle to make certain corrections, including a correction to the rating shown below and the extent of the agreement reached. American Vehicle has reached an agreement in principal with member companies of The Republic Group, subject to the parties entering into a definitive written agreement and American Vehicle providing the required security that will enable American Vehicle to underwrite general liability business and other commercial lines in various states through member companies of The Republic Group. The Republic companies have an A.M. Best Company, Inc. rating of “A-” Excellent.
Mr. Irwin D. (Buck) Giesecke, Jr., President of American Vehicle, said, “This is a very positive move that we believe will facilitate the growth of American Vehicle’s general liability line of business and strategically provide the Company with a balance of business outside the state of Florida. We are delighted to announce this relationship with The Republic Group.”
Edward J. (Ted) Lawson, Chairman, CEO, and President, commented, “This relationship not only gives us the ability to offer paper from companies with an A.M. Best Company, Inc. rating of “A-” Excellent in a number of targeted states, but I believe it should accelerate our growth by allowing us to offer commercial programs on both an admitted and non-admitted basis, which will ultimately give us more rate and underwriting flexibility. I expect that this new relationship will be significant to future profitability and growth of the Company. I’m very proud of the hard work and dedication put forth by American Vehicle’s President, Buck Giesecke, and his staff in turning this opportunity into reality.”
About the Company
The Company, through its subsidiaries, underwrites standard and non-standard personal automobile insurance, flood insurance, general liability insurance, mobile home insurance and homeowners’ property and casualty insurance in the State of Florida. The Company underwrites general liability coverage as an admitted carrier in the States of Louisiana, Texas and Alabama for more than 300 classes of business, including special events, as well as homeowners’ coverage in the State of Louisiana. The Company also operates as an approved (non-admitted) carrier in the States of Georgia and Kentucky offering the same general liability products. In addition, the Company has underwriting authority and processes claims for third party insurance companies. In addition to insurance services, the Company offers premium finance services to its insureds as well as insureds of certain third party insurance companies.
Safe harbor statements under the Private Securities Litigation Reform Act of 1995: Statements in this press release that are not historical fact are forward-looking statements that are subject to certain risks and uncertainties that could cause actual events and results to differ materially from those discussed herein. Without limiting the generality of the foregoing, words such as “may,” “will,” “expect,” “believe,” “anticipate,” “intend,” “could,” “would,” “estimate,” or “continue” or the other negative variations thereof or comparable terminology are intended to identify forward-looking statements. The risks and uncertainties include, without limitation, uncertainties related to estimates, assumptions and projections generally; inflation and other changes in economic conditions (including changes in interest rates and financial markets); pricing competition and other initiatives by competitors; ability to obtain regulatory approval for applications to underwrite in an additional jurisdiction or for requested rate changes, and the timing thereof; legislative and regulatory developments; the outcome of litigation pending against the Company and any settlement thereof; risks related to the nature of the Company’s business; dependence on investment income and the composition of the Company’s investment portfolio; the adequacy of the Company’s liability for loss and loss adjustment expense; insurance agents; claims experience; limited experience in the insurance industry; ratings by industry services; catastrophe losses; reliance on key personnel; weather conditions (including the severity and frequency of storms, hurricanes, tornadoes and hail); changes in driving patterns and loss trends; acts of war and terrorist activities; court decisions and trends in litigation, and health care and auto repair costs; and other matters described from time to time by the Company in releases and publications, and in periodic reports and other documents filed with the United States Securities and Exchange Commission. In addition, investors should be aware that generally accepted accounting principles prescribe when a company may reserve for particular risks, including litigation exposures. Accordingly, results for a given reporting period could be significantly affected if and when a reserve is established for a major contingency. Reported results may therefore appear to be volatile in certain accounting periods.
#####
|
|
|
Press Releases | Articles
|
|
|
|
|
|
|
|
