WASHINGTON (Nov. 5, 2008)  The following comments may be attributed to Jimi Grande, NAMIC’s vice president for federal and political affairs.

“NAMIC congratulates all the newly elected members of the 111th Congress as well as the returning members. We’d also like to extend our congratulations to President-elect Obama on his win last night. We look forward to working with members of the Obama Administration and the new Congress as they address the current financial turmoil.

“NAMIC represents 1,400 property/casualty insurers and more than 40 percent of the marketplace. Our members are mostly small- and medium-sized mutual companies whose sole responsibility is to their policyholders rather than stockholders.

“We know the president-elect is committed to the value and importance of Main Street and will be a champion for all small- and medium-sized businesses across the country, as they are the lifeblood of our economy. We’re confident President-elect Obama will make sure any reforms to the financial markets focus on the cause of the turmoil and do not unintentionally harm the thousands of small- and medium-sized property/casualty insurers and their policyholders.

"During the next few months, NAMIC and its members will meet with congressional leaders to share our message with them - that the property/casualty insurance industry remains strong and solvent, fulfilling its promises to policyholders.”

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© Copyright 2007, National Association of Mutual Insurance Companies (NAMIC).