RICHFIELD, Ohio, Sept. 19, 2012 (GLOBE NEWSWIRE) -- National Interstate Insurance Company received the Group Captive of the Year award for its Calypso program at the US Captive Services event held on September 10, 2012 in Chicago, IL. These inaugural awards, organized by Captive Review magazine, recognized excellence in captive services, by rewarding those individuals and businesses who have delivered exceptional captive solutions or services over the past 12 months.
National Interstate's Calypso program received the award based on judging criteria which included extensive services to a particular sector, competitiveness of coverage and services, care of members, and range of ancillary services. The Calypso program, a group rental captive designed exclusively for passenger transportation operations, celebrated its 11th anniversary in 2012. In addition to Captive of the Year, National Interstate was also a finalist for the Innovation in Captive Services award.
"We are honored to receive this prestigious award and the recognition of being a leader in providing alternative risk transfer insurance solutions," said Dave Michelson, President and Chief Executive Officer of National Interstate. "We entered the ART, or captive, marketplace in 1995, and since then have designed over 20 custom programs representing over 57% of our gross premiums written. ART has become a preferred option for best-in-class companies looking for an innovative way to manage their risk and stabilize their long-term insurance costs. Companies that join one of our ART programs enjoy many advantages, including the opportunity to receive return of unused premiums and investment income. Members also have access to exclusive risk management resources, superior claims management, and dedicated customer service. The historically high customer retention in this component of our business is clear evidence that members realize significant benefits from these programs, and is the reason they renew year after year."
For more information on National Interstate's alternative risk programs, contact Chris Mikolay, at 800-929-1500 x1407, or chris.mikolay@natl.com.
About National Interstate
National Interstate Insurance Company, a wholly owned subsidiary of National Interstate Corporation, is a specialty property and casualty insurance company with a niche orientation and focus on the transportation industry. We differentiate ourselves by offering insurance products and services designed to meet the unique needs of targeted insurance buyers. Products include insurance for passenger, moving and storage, and truck transportation companies, alternative risk transfer, or captive insurance programs for commercial risks, specialty personal lines consisting of insurance products focused primarily on recreational vehicle owners and small commercial vehicle accounts, and transportation and general commercial insurance in Hawaii and Alaska. National Interstate and its insurance subsidiaries, which include Vanliner Insurance Company and Triumphe Casualty Company, are rated "A" (Excellent) by A.M. Best Company. Founded in 1989, we are headquartered in Richfield, Ohio with operations in Honolulu, Hawaii, Mechanicsburg, Pennsylvania, and Fenton, Missouri.