State National Companies, Inc. (NASDAQ: SNC), a leading specialty provider of property and casualty insurance services, today announced the addition of two significant clients in its Program Services business segment. These clients both bring existing books of business to State National, and combined, they produce approximately $200 million in annual premiums.
State National's Program Services business segment provides insurance fronting services that leverage the company's "A" (Excellent) A.M. Best rating, expansive licenses and reputation to provide access to the U.S. property and casualty insurance market in exchange for ceding fees.
"We are pleased to announce the addition of these two new fronting programs. These significant accounts demonstrate the success of our enhanced business development efforts which have also contributed to the steady growth in our Program Services business. The strong performance of our sales team, State National's proven experience and established reputation in this market and the increased interest for fronting relationships in the industry continues to drive our success. We welcome these new programs to State National and look forward to continuing the positive momentum that we have established as the preferred conduit between the distribution of insurance risk and capital," commented Terry Ledbetter, Chairman and Chief Executive Officer, State National Companies.
About State National Companies, Inc.
State National Companies, Inc. is a leading specialty provider of property and casualty insurance services operating in two niche markets across the United States. In its Lender Services segment, the Company specializes in providing portfolio protection solutions which insures personal automobiles and other vehicles held as collateral for loans made by credit unions, banks, and specialty finance companies. In its Program Services segment, the Company leverages its "A" (Excellent) A.M. Best rating, expansive licenses, and trusted reputation to provide access to the US property and casualty insurance market in exchange for ceding fees. To learn more, please visit statenational.com.
CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS
Various statements contained in this press release are forward-looking statements made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may include projections and estimates concerning the timing and success of specific projects and our future production, revenues, income and capital spending. Our forward-looking statements are generally, but not always, accompanied by words such as "estimate," "believe," "expect," "will," "plan," "target," "could" or other words that convey the uncertainty of future events or outcomes.
There can be no assurance that actual developments will be those anticipated by us. Actual results may differ materially from those expressed or implied in these statements as a result of significant risks and uncertainties, including, but not limited to, our ability to recover from our capacity providers, the cost and availability of reinsurance coverage, challenges to our use of issuing carrier or fronting arrangements by regulators or changes in state or federal insurance or other statutes or regulations, our dependence on a limited number of business partners, potential regulatory scrutiny of collateral protection insurance, level of new car sales, availability of credit for vehicle purchases and other factors affecting automobile financing, our ability to compete effectively, a downgrade in the financial strength ratings of our insurance subsidiaries, our ability to accurately underwrite and price our products and to maintain and establish accurate loss reserves, changes in interest rates or other changes in the financial markets, the effects of emerging claim and coverage issues, changes in the demand for our products, the effect of general economic conditions, breaches in data security or other disruptions with our technology, and changes in pricing or other competitive environments.
Forward-looking statements involve inherent risks and uncertainties that are difficult to predict, many of which are beyond our control. Additional information about these risks and uncertainties is contained in our filings with the Securities and Exchange Commission. The forward-looking statements in this press release speak only as of the date of this release, and we undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.
|CONTACTS:||State National Companies, Inc|
|David Hale, COO & CFO|
|Dennard - Lascar Associates|
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SOURCE State National Companies, Inc.