We are now past the halfway point of the year, and I hope the second half is not as wild as the first. The stock market seems to be rebounding, so that is one bright spot.
Another bright spot is my team at Oxford Insurance has received a Financial Strength Rating of "A" (Excellent) as well as an "a" Long-Term Issuer Credit Rating by AM Best. We are all very excited to have an outside company award us for our years of hard work and dedication to our clients. Please read more in the article below.
I also want to congratulate Belinda Fortman for being named the new Captive Director for Tennessee. Belinda is from the Captive industry, so she knows the ins and outs of the business. She is going to do an excellent job for all of our Tennessee Captives.
If you have any questions about the information in these articles, call me directly. If you have questions about implementing a Captive, also, call me or visit our Captive 101 section on our website.
We appreciate your business!
Sincerely,
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Larry Papola
Lawrence J. Papola, Jr.
Principal
1-833-US-CAPTIVE
(1-833-872-2784)
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Oxford is Rated A (Excellent)
by AM Best
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AM Best has assigned a Financial Strength Rating of A (Excellent) and a Long-Term Issuer Credit Rating of “a” to Oxford Insurance Company LLC (Wilmington, DE) and its affiliates: Oxford Insurance Company NC LLC (Wilmington, DE), Oxford Insurance Company TN LLC (Nashville, TN), and First Community Bankers Insurance Company, LLC (Nashville, TN). The outlook assigned to these Credit Ratings (ratings) is stable. These companies are collectively known as Oxford Insurance Companies (Oxford).
These ratings reflect Oxford’s balance sheet strength, which AM Best categorizes as very strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management (ERM).
The stable outlooks reflect AM Best’s expectations that the companies will continue to generate strong operating performance and maintain very strong capitalization.
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Client Profile
Industry:
Medical
Specialty:
Medical Supplier for Surgical Centers
Location
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Utah
Claim Information
Description:
An Insured was wrongfully terminated by two primary customers who chose to form their own businesses. Our Insured counted on these clients for a certain amount of income and suffered a substantial loss. Through their Captive's Actual Net Loss Insurance Policy, Loss of Key Customer Coverage, the insured was reimbursed for net income loss.
Line of Coverage:
Loss of Key Customer
This exposure was elected for coverage by the client under their captive policy. This resulted in a claim payment amount of approximately $180,000.
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*Please note that each claim will undergo an independent investigation and thorough review process. Various components specific to the claim at hand will be assessed thoroughly to determine if the loss is covered by the policy.
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Tennessee Department of Insurance Taps Fortman as Captive Director
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The Tennessee Department of Commerce & Insurance (TDCI) has hired Belinda Fortman as Captive Insurance Section director.
Fortman’s first day as captive section director was June 29. She replaces Jennifer Stalvey.
Fortman most recently led her own captive management firm and has worked with a client base including Fortune 100 companies, large non-profit organizations, and mid-sized closely held firms. She has managed all forms of captive insurance companies including pure, association, agency, protected cell, special purpose, reciprocals and risk retention groups, working with clients in financial services, healthcare, retail, manufacturing, faith-based and other sectors making her a perfect fit for Tennessee-based captives.
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JUL 4:
Independence Day
JUL 7:
World Chocolate Day
JUL 19:
National Ice Cream Day
JUL 22:
National Hot Dog Day
JUL 30:
Int’l Day of Friendship
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July is Observed as:
Nat'l Parks Month
UV Safety Month
Nat’l Picnic Month
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"VCIA Virtual" Is Happening in August
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Join captive industry professionals
August 11–13, 2020, for the Vermont Captive Insurance Association (VCIA) inaugural Virtual Annual Conference! VCIA's signature event, in its 35th year running, will be presented 100 percent virtually this year. Registration is open.
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Get Your Insurance Quotes From The:
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Insurance Experts provides expert knowledge and assistance to individuals, families, and business owners who are making decisions about the proper insurance coverage for their needs. We’re here to help you cover losses you shouldn’t have to on your own.
Let our team of experts guide you through the daunting task of selecting the right insurance coverage for you or your business:
- Life
- Disability
- Long-Term Care
- Business
- Personal
- Captive
- ...More
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485 Underhill Blvd.
Suite 101
Syosset, NY 11791
Office: 1-833-US-CAPTIVE
(1-833-872-2784)
Fax: 888-929-6565
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