FORT LAUDERDALE, FL ‒ December 3, 2010
Guarantee Insurance Company, a workers’ compensation insurance specialist, announced today that it has closed on an $8.0 million equity infusion.
Steven M. Mariano, Chairman and Chief Executive Officer, said: “This capital will be used to support our growth, expand into new geographic markets, and improve operations. It is a testament to our management team and our operating strategy that we have received a capital infusion in this very difficult economic environment.”
Guarantee Insurance Company reported net premium written of $54.4 million for the nine months ended September 30, 2010, an increase of 36.8% compared to the same period in 2009.
Guarantee Insurance Company’s workers’ compensation combined ratio for the nine months ended September 30, 2010 was 84.8%, compared to 93.6% for the nine months ended September 30, 2009, a decrease of 8.8% percentage points.