October 08, 2009 09:00 ET

AmerInst Insurance Group Enters Into New Agreement to Provide Professional Liability Insurance to Accounting Firms

HAMILTON, BERMUDA--(Marketwire - October 8, 2009) - AmerInst Insurance Group, Ltd. ("AmerInst") today announced an agreement with certain insurance companies of Crum & Forster Holdings Corp. ("C&F") to provide professional liability insurance to accounting firms. C&F insurance companies are rated A (Excellent) by A. M. Best Company.

AmerInst's recently formed subsidiary, AmerInst Professional Services, Ltd. ("APSL"), will deliver marketing, underwriting, application and other services to insureds and C&F insurance companies. The professional liability program will utilize an internet-based channel to create an ease in doing business with customers. AmerInst Insurance Company, Ltd. will also provide reinsurance to C&F insurance companies for this book of professional liability business.

APSL will be headquartered in Chicago, under the direction of Kyle Nieman, a 25 year veteran of the insurance industry who has been named Chief Executive Officer. Most recently, he was senior vice president of distribution strategy at CNA where he managed agency/broker relationships and cross-sell strategies. In his new role at APSL, he will be joined by other experienced professionals who have developed technology-based systems and marketing programs for professional liability products.

"We are excited about this new venture and the addition of a highly regarded market expert such as Kyle to our leadership team," says Irvin F. Diamond, CPA, and AmerInst Chairman. "We believe this new agreement is in the best interests of our shareholders and is in line with AmerInst's mission of providing financial protection to future generations of CPA firms. As part of our future business strategy, we plan to expand this program to include other non-healthcare professional service firms."

"In our view, APSL's markets are overpriced and underserved by present carriers," comments Diamond. "By using technology to streamline the underwriting and application process, we anticipate passing along substantial savings to our customers."

For more information about the program, email Kyle.Nieman@amerinstpro.com or visit www.amerinstpro.com

About AmerInst Insurance Group

AmerInst Insurance Group, Ltd. (www.amerinst.bm) is a Bermuda corporation organized in July 1998. AmerInst is an insurance holding company with three principal subsidiaries: AmerInst Insurance Company, Ltd., AmerInst Investment Company, Ltd., and AmerInst Mezco, Ltd. AmerInst Insurance Company, Ltd. reinsures accountants' professional liability insurance policies. Most of the shareholders of AmerInst are Certified Public Accountants (CPA) or with CPA firms. AmerInst is a company that provides availability of insurance for the CPA profession, and that engages in investment activities.

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