California Claims Real Estate Paying Off For EICN
By Robert Warne - June 25, 2003 Employers Insurance Company of Nevada (EICN) hasn’t let the ignominy of Fremont Compensation’s downfall or the stigma associated with the Fremont name keep it from maintaining a prime rating.
While the Conservation and Liquidation Office and the California Insurance Guaranty Association is left juggling Fremont Compensation’s $300 million in liabilities, EICN, with its existing business and the $105 million book of business it picked up from Fremont Compensation is pulling down some solid ratings.
In fact EICN announced June 23 that it had been assigned an ‘A-’ rating from A.M. Best.
EICN Chief Executive Officer Douglas Dirks responded to the news by saying, that it is a historic day in the continuing evolution of Employers Insurance Company and its subsidiaries.
He also proclaimed that the rating marks a milestone for EICN as one of the most positive and significant developments in the company’s history.
EICN's rating is designated as a "group rating" by A.M. Best, which means the rating is based on the consolidation of EICN and its Fremont Employers Insurance Company.
When the news broke about the insurance commissioner’s move to conserve Fremont Indemnity Company (FIC) June 4, EICN immediately released a statement to distinguish itself from the claims mayhem.
A.M. Best’s rating only further solidifies Dirk’s June 4 statement that, “Unlike FIC, Fremont Employers Insurance Company is financially strong, continues to enjoy a successful year, and remains a thriving business.”
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