1888 PressRelease – Net Income increases while reserves are strengthened.
Fort Washington, PA – Alliance National Insurance Company(ANIC) announced today that it has increased policyholder surplus by 25% for the year ending 2014 to $7.2m. In addition, direct written premiums increased 34% to fuel a $2.1m increase in net income. This allowed senior management to voluntary strengthen its loss reserve position.
Alliance National’s president and CEO, H. James Agnew said “as a boutique carrier, any swing in market conditions has an immediate impact on our financial position. We have been able to implement a very disciplined approach to underwriting. In addition, by electing to increase IBNR at year end we believe that this approach will allow us to weather the volatility.”
Eric Bossard, co-founder and principal of Alliance National added “as we continue to expand and educate our broker market regards our appetite we are receiving more quality opportunities. These accounts demand a level of service that is not provided by all markets. I am glad we are on this short list. ”
Alliance National celebrated 100 years of being in business on April 15, 2014. ANIC, formally known as UMI Insurance Company, is domiciled in New York State. The Company is fully capitalized and licensed to write P&C insurance in New York, New Jersey and Pennsylvania. As a specialty underwriter experienced in Alternative Risk Transfer (A.R.T.) insurance programs, Alliance National brings together a strong team of professionals well versed in SIR’s, offshore and onshore ART structures, reinsurance treaties, facultative reinsurance and securitization facilities.
Should you have an opportunity and want to speak with a live insurance professional please contact Eric Bossard at ebossard ( @ ) alliancenatl dot com or 610-242-2000 dot