BEDFORD, Texas, May 1, 2017 /PRNewswire/ -- 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.
These large programs are written through a program manager of a
large national broker and a specialty managing general agent, both
of which are well-established organizations that provide specialty
insurance solutions in the U.S. These two new clients began writing
premium with State National in the second quarter of
2017.
"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. (NASDAQ: SNC) 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 collateral protection insurance,
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 reputation to provide access to the U.S. property and
casualty insurance market in exchange for ceding fees. To
learn more, please visit www.statenational.com. State
National routinely posts important Company information on its
website.
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:
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State National
Companies, Inc.
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David Hale, COO &
CFO
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817-265-2000
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Dennard - Lascar
Associates
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Rick Black
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713-529-6600
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SOURCE State National Companies, Inc.