FinCor Holdings Inc. announced on Friday, June 22 that its Washington Casualty Co. (WCC) subsidiary has had its license to underwrite insurance fully reinstated in Idaho by the Idaho Department of Insurance.
FinCor Holdings, a Lansing, Mich.-based provider of specialized insurance products and risk management and consulting services, said the action reflects the depth of WCC’s progress during the past nine months. When it was acquired by FinCor Holdings in October 2006, the Issaquah, Wash.-based medical professional liability insurer was in receivership and operating under restricted licenses in Idaho and Oregon.
In the months following the acquisition, the company has emerged with more than $11.7 million in capital, a 10 percent increase in sales, and net new business of more than $1 million, according to the company statement. WCC also now holds a B+ (good) rating with a stable outlook by A.M. Best Corp. Additionally, WCC now writes insurance limits up to $16 million through its new reinsurance program.
Source: Washington Casualty Co., Fincor Holdings Inc.
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