Companion P&C Wins Auto Insurance Contract
22 October 1998
Companion P&C Wins Auto Insurance ContractCOLUMBIA, S.C., Oct. 22 -- Companion Property and Casualty Insurance Company has won a contract to process all claims for commercial automobile insurance for the South Carolina Associated Auto Insurers Plan effective March 1, 1999. Companion P&C will partner with Policy Management Systems Corporation to process policies and claims. The contract is worth an estimated $50 million and will maintain jobs within Companion P&C. According to Companion P&C Executive Vice President Charles Potok, the company submitted the winning bid to the South Carolina Department of Insurance, which evaluated price, as well as other measures. Potok said the contract is an important step in Companion's efforts to capture more auto insurance business in South Carolina. Companion P&C also processes policies and claims with PMSC for the state's reinsurance facility for high-risk drivers, and plans to begin offering voluntary auto insurance products in the near future. "We are happy to have won this contract. Companion P&C's partnership with PMSC affords the most qualified and efficient way to provide this service to South Carolina's drivers, and we fully support the Department of Insurance in its efforts to provide a more competitive auto insurance market for the state," Potok said.