August 9, 2006
New ocean marine insurance line
Century Surety Company, a subsidiary of ProCentury Corporation, (NASDAQ:PROS) , announced today that it is adding a new line of business to serve the needs of the ocean marine market. As with other lines of business that Century underwrites, its new ocean marine line will focus on small businesses in underserved segments of the market that allows disciplined underwriting and risk selection.
Century will underwrite ocean cargo, including general and bulk liquid and dry commodities, marine contractors, ship repairers, terminal operators, charterers, and contractor and service vessels, and coverage highlights of the new offering will include:
Christopher J. Timm, president of Century Surety Company said, "As part of our planning process, we identified a market opportunity for specific niche products in the small to medium sized wet marine business. We are pleased that Mike Hartley, with over 19 years of marine underwriting and management experience, has joined our team to direct the development and execution of our strategy."
The ocean marine program will be offered through Century's national network of wholesale general agents and through brokers specializing in ocean marine business