BNET Industries

Professionals Direct Inc.

(PFLD) is in the Financial Services Industry

Last Fiscal Year Sales:$17.4M

Public
US

Dow Jones Description

Professionals Direct, Inc. (the Corporation) was organized in 1996 as a Michigan corporation. The Corporation is primarily a holding company for several subsidiaries, including Professionals Direct Insurance Company (PDIC), a Michigan domiciled stock property and casualty insurance company. The current organizational structure is as follows: [[Image Removed]] Surplus Certificates. PDIC was incorporated on June 4, 1987. Starting in 1987, PDIC was capitalized by contributions from Michigan lawyers and law firms which were evidenced by a financial instrument called a Surplus Certificate. The Surplus Certificates were issued under Section 5836 of the Michigan Insurance Code in denominations of $1,000, with simple interest accruing on the principal amount at a rate of 5.25% per year. A total of 4,619 Surplus Certificates were issued from 1987 through 1995. Redemption of Surplus Certificates is strictly limited and requires the prior approvals of the Michigan Office of Financial and Insurance Services (OFIS), formerly the Michigan Insurance Bureau, and PDIC's Board.

Contact Information

161 Ottawa NW Ste 607

Grand Rapids, Michigan 49503

professionalsdi...

6164568899

Peer Companies

NAICS Code Insurance Agencies and Brokerages: 524210

Company News

News & Analysis

professionals direct inc. - All News and Analysis

A.M. Best Affirms Ratings of Professionals Direct Insurance Company and Verlan Fire Insurance Company

- 2009-08-12

OLDWICK, N.J. -- A.M. Best Co. has affirmed the financial strength rating of A Excellent and issuer credit ratings of â??aâ?? of Professionals Direct Insurance Company PDI (Grand Rapids,...

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Fitch: Hanover Insurance Group Agreement to Buy Professionals Direct Won't Impact Ratings

- 2007-06-29

CHICAGO -- Fitch Ratings said Friday that The Hanover Insurance Group's THG recently announced agreement to acquire Professionals Direct, Inc. Professional Direct for $23.2 million won't impact THG's current ratings. Professionals Direct provides professional liability insurance to small and mid-sized law firms and generates annual premiums of approximately $30...

Tags: Fitch Ratings
A.M. Best Comments on Pending Acquisition of Professionals Direct, Inc

- 2007-06-26

OLDWICK, N.J. -- A.M. Best Co. has commented that the ratings of Professionals Direct Insurance Company PDIC (Grand Rapids, MI) and PDIC's parent holding company, Professionals Direct, Inc. (Grand Rapids, MI) (OTCBB: PFLD) remain unchanged following the recent announcement that Professionals Direct, Inc. will be acquired by Hanover Insurance Group...

Tags: A.M. Best Co.
A.M. Best Affirms and Assigns Ratings to Professionals Direct Insurance Company

- 2007-06-05

OLDWICK, N.J. -- A.M. Best Co. has affirmed the financial strength rating FSR of A- Excellent and assigned an issuer credit rating ICR of "a-" to Professionals Direct Insurance Company PDIC (Grand Rapids, MI). A.M. Best has also assigned an ICR of "bbb-" to PDIC's parent holding company, Professionals Direct,...

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Professionals Direct Insurance Services Expands Relationship with Visibillity, Inc. by Signing Multi-Year Extension

- 2005-06-28

CHICAGO -- Visibillity's collaborative design and flexible implementation assist Professionals Direct in growing its business into new geographic areas Visibillity, Inc., the leading collaborative litigation management solution provider for the claims industry, announced today that Grand Rapids, Michigan-based, Professionals Direct Insurance Services PDIS has signed a multi-year contract extension...

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