Republic Companies Group, Inc. Announces Agreement in Principal With American Vehicle Insurance Company
28 Mars 2006 - 1:57AM
PR Newswire (US)
DALLAS, March 27 /PRNewswire-FirstCall/ -- Republic Companies
Group, Inc. (NASDAQ:RUTX) ("Republic") today announced that certain
of its member companies have reached an agreement in principal with
American Vehicle Insurance Company ("American Vehicle"), a
wholly-owned subsidiary of 21st Century Holding Company, an
insurance holding company. The agreement in principal is subject to
the parties entering into a definitive written agreement and
American Vehicle providing the required security. This arrangement
will enable American Vehicle to underwrite general liability
business and other commercial lines in various states through
member companies of The Republic Group. (Logo:
http://www.newscom.com/cgi-bin/prnh/20050801/REPUBLICLOGO ) Parker
Rush, Republic's President and CEO, commented, "This is an
excellent opportunity for our Insurance Services and Corporate
segment to grow its written premium, secured by a substantial
irrevocable letter of credit. We are pleased to be able to provide
access to our markets through our unique combination of licenses
and charters." About Republic Republic Companies Group, Inc.
through a group of insurance companies and related entities
provides personal and commercial property and casualty insurance
products to individuals and small to medium-size businesses
primarily in Texas, Louisiana, Oklahoma and New Mexico. This focus
on a large, rapidly growing region allows Republic to participate
in profitable underserved niche opportunities. We have written
insurance in Texas consistently throughout our entire 102-year
history and have developed deep market knowledge and a loyal
network of independent agents and managing general agents who
provide us with access to what we believe are among the most
profitable clients and market segments. We are rated A- (Excellent)
by A.M. Best Company, Inc. with a stable outlook. We completed our
Initial Public Offering in early August 2005. Precautionary
Statement Regarding Forward-Looking Information Investors are
cautioned that statements which relate to the future are, by their
nature, uncertain and dependent upon numerous contingencies --
including political, economic, regulatory, climatic, competitive,
legal, and technological -- any of which could cause actual results
and events to differ materially from those indicated in such
forward-looking statements. Additional information regarding these
and other risk factors and uncertainties may be found in our
filings with the Securities and Exchange Commission (available at
http://www.sec.gov/ ). Unless otherwise required by law, we
undertake no obligation to publicly update or revise any forward-
looking statement, whether as a result of new information, future
developments or otherwise.
http://www.newscom.com/cgi-bin/prnh/20050801/REPUBLICLOGO
http://photoarchive.ap.org/ DATASOURCE: Republic Companies Group,
Inc. CONTACT: Michael E. Ditto, Esq., Vice President, General
Counsel and Secretary of Republic Companies Group, Inc.,
+1-972-788-6000 Web site: http://www.republicgroup.com/
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