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12/16/2004
Contact Amber Cousins or Ed Essa
800-796-8448
pressroom@countrywide.com
Countrywide’s Insurance Unit Reduces Rates by Average of 20 Percent in the Texas Homeowners Insurance Market
Commitment Enhances Affordability for State’s Multicultural Population
IRVINE, CA (Dec. 16, 2004) – Countrywide Insurance Group (CIG) today announced that its Texas insurance entity, Balboa Lloyds Insurance Company, has voluntarily lowered its rates on homeowners insurance by an average of 20 percent in Texas. The rate reduction underscores the company's commitment to help make homeowners insurance more affordable for residents of Texas .
This homeowners insurance will be underwritten through a CIG insurer, Balboa Lloyds Insurance Company, and offered through Arrowhead General Insurance Agency, Inc., which has more than 325 independent insurance agents serving the Texas market. The Countrywide Insurance Group insurers are members of the Countrywide Financial Corporation family of companies, and are affiliated with Countrywide Home Loans.
“Countrywide was founded on the principle of lowering barriers to homeownership for all Americans, and the company has a long tradition of reaching out to low- to moderate-income families, minorities, and members of communities that are underserved by the financial services industries,” said Robert James, president of the CIG companies. “Affordability of insurance is a very significant concern for home buyers and homeowners throughout Texas , especially among multicultural markets. Our affiliate, Countrywide Home Loans, is one of the nation's leading lenders to Hispanics and other multicultural markets. By reducing homeowners insurance rates, CIG wants to demonstrate its commitment to offering affordable homeowners insurance to all Texans, and our desire to be recognized as a leading insurer to Hispanics and other minorities.”
Texas homeowners will also benefit from the professional, convenient and accessible services of Arrowhead General Insurance Agency, which will be responsible for offering CIG's homeowners insurance through its independent agency force. Established in 1983, Arrowhead has developed into one of the nation's largest privately held property and casualty insurance organizations.
"We are excited about partnering with Countrywide Insurance Group to help meet the needs of Texas homeowners," said Mark Corey, senior vice president of the Personal Lines Division for Arrowhead General Insurance Agency .
“We are very eager to reach out and grow the number of our homeowners insurance policy holders in Texas ,” said Tom Scrivener, managing director and chief executive officer of the CIG insurers. “By voluntarily reducing Balboa Lloyd's rates, we hope to send the message that we are committed to communities and residents of Texas . And, our relationship with Arrowhead helps assure that this message reaches homeowners in communities large and small throughout the State.”
The program is expected to begin in January of 2005.
About Countrywide Insurance Group:
Insurance company subsidiaries of Countrywide Insurance Group (CIG), which are subsidiaries of Countrywide Financial Corporation, have been offering insurance products for more than half a century. CIG's insurance company subsidiaries consist of Balboa Insurance Company, Meritplan Insurance Company, Newport Insurance Company, Balboa Lloyds Insurance Company, Balboa Life Insurance Company and Balboa Life Insurance Company of New York. Countrywide Insurance Group is headquartered in Irvine, California, and has a network of sales and service centers throughout the country.
About Arrowhead General Insurance Agency:
Arrowhead General Insurance Agency, Inc. provides Commercial, Personal and Specialty Lines products and programs to over 7,000 independent agents nationwide. Arrowhead is one of the largest privately held general agencies in the US with written premiums in excess of $500M.
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