(PRWEB) June 13, 2005
New Jersey Skylands Insurance Company, a traditional stock company, and New Jersey Skylands Insurance Association, a reciprocal exchange and the parent of New Jersey Skylands Insurance Company were formed to dedicate resources to the New Jersey market place. Both insurers have earned Financial Stability RatingÂ® (FSRs) of A, from Columbus, Ohio based Demotech, Inc.
FSRs summarize DemotechÂs opinion as to the financial stability of an insurer regardless of general economic conditions or the phase of the underwriting cycle. FSRs are based upon statutory insurance accounting principles prescribed or permitted by the National Association of Insurance Commissioners (NAIC). For more than a decade, FSRs of A or better have been accepted by the major participants in the secondary mortgage marketplace, including the Fannie Mae, Freddie Mac and HUD.
Both companies are managed by New Jersey Skylands Management LLC, which provides a focused and dedicated New Jersey-based management team with extensive experience in all aspects of New JerseyÂs property and casualty business including underwriting, claims, legal, governmental affairs, marketing, finance and customer service.
ÂWe liked the fact that New Jersey Skylands customized its products and operations to meet the needs of consumers in New Jersey,Â said Joseph L. Petrelli, President of Demotech, Inc. ÂNew Jersey Skylands was founded on the principle that by grouping New JerseyÂs very best drivers together, losses can be minimized, the financial impact of fraud can be mitigated and customer services and satisfaction can be maximized.Â
New Jersey Skylands Management LLC is owned by OneBeacon and ultimately owned by the White Mountains Insurance Group. White MountainÂs principal businesses are conducted through its subsidiaries and affiliates in the business of property-casualty insurance and reinsurance. White Mountains is publicly traded on the New York Stock Exchange under the symbol ÂWTM.Â
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