As life insurers engage in discussion with the Treasury Department about participating in the federal Troubled Asset Relief Program, another property-casualty association has publicly declared that they want no part of it.
The National Association of Mutual Insurance Companies on Wednesday sought to assure policyholders that the p-c industry remains on solid financial footing and that NAMIC does not support allowing p-c insurers to become eligible for federal bailout dollars.
"As an industry, property-casualty insurance companies, particularly the nation's mutual insurance companies, are well capitalized and have adequate reserves to pay claims," said Charles Chamness, president and chief executive officer of NAMIC.
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