Stonewood Insurance Company (Stonewood) announced that the North Carolina Department of Insurance has approved its license to write workers’ compensation effective Nov. 12, 2003.
Stonewood was incorporated in North Carolina on Oct. 16, 2003 and was created to provide workers’ compensation insurance for the residential construction industry.
Headquartered in Raleigh, Stonewood will begin underwriting operations in December 2003. Stonewood will operate through a limited number of independent agents across North Carolina. Ken Mitchell has been named president and CEO and will lead Stonewood’s management team.
“We believe that the continuing hard market and lack of capacity by traditional insurance companies to write workers’ compensation provides a favorable environment for Stonewood to make a solid entry into the insurance marketplace,” said Mitchell, “and we are committed to building a company that will be recognized as a leader in the insurance industry.”
Mitchell brings extensive leadership experience to Stonewood and has been directly responsible for the development, start-up and success of a self-insured workers’ compensation fund, a health benefit trust and a mutual, multi-line insurance company.
Stonewood is a wholly owned subsidiary of James River Group, Inc., an insurance holding company based in Chapel Hill, N.C. led by J. Adam Abram.
For more information on Stonewood, contact Mitchell at: kmitchell@stonewoodins.com.
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