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Member, Beacon International Group, Ltd.
SAN FRANCISCO--Everest Re Group Ltd. confirmed earlier this week that its managing general agent for California workers compensation business, American All Risk Insurance Services Inc., is considering representing another insurer instead.
By contract, either San Francisco-based AARIS or Hamilton, Bermuda-based Everest Re can terminate their contract with 120 days notice, Everest Re said in a statement. AARIS, though, has not notified Everest Re of its intent to terminate the contract.
But "Everest Re Group has considered contingency arrangements for writing workers compensation business and will continue to refine and/or implement those plans, as appropriate," the statement said.
Rumors have persisted for about a year that AARIS was seeking to represent another insurer, according to an Everest Re spokeswoman. And the spokeswoman said that though the company does not respond to rumors, the issue surfaced at an investor meeting this week and forced Everest Re to address it.
In its statement, Everest said it has spoken with principals of AARIS "who confirmed, after some initial confusion, that AARIS has been in discussions with other parties but has not signed a binding agreement."
AARIS did not respond to telephone calls seeking comment.