American Strategic Insurance: Difference between revisions
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==Finances== |
==Finances== |
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ASI has received a strong financial strength rating as A excellent from AM Best<ref>{{Cite web|title = American Strategic Insurance Corp - Company Profile - Best's Credit Rating Center|url = http://www3.ambest.com/ratings/entities/CompanyProfile.aspx?BL=0&ambnum=12150&AltNum=189712150&AltSrc=3|website = www3.ambest.com|accessdate = 2015-11-04}}</ref>. In a financial stability done |
ASI has received a strong financial strength rating as A excellent from AM Best<ref>{{Cite web|title = American Strategic Insurance Corp - Company Profile - Best's Credit Rating Center|url = http://www3.ambest.com/ratings/entities/CompanyProfile.aspx?BL=0&ambnum=12150&AltNum=189712150&AltSrc=3|website = www3.ambest.com|accessdate = 2015-11-04}}</ref>. In a financial stability rating done on Florida specific homeowners insurance carriers, ASI was one of only two private corporations that the group recommended as stable<ref>{{Cite web|title = Weiss Ratings give low grades to 35 Florida property insurers - Jacksonville Business Journal|url = http://www.bizjournals.com/jacksonville/news/2011/10/12/weiss-ratings-give-low-grades-to-35.html|website = Jacksonville Business Journal|publisher = https://plus.google.com/115058816124972466715/|accessdate = 2015-11-04}}</ref>. |
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Progressive acquired an additional 62 percent of ASI for $875Mil, bringing their total shares to 67 percent<ref>{{Cite web|title = Progressive Insurance has $875M deal for American Strategic Insurance - Tampa Bay Business Journal|url = http://www.bizjournals.com/tampabay/news/2014/12/16/flo-is-making-herself-at-home-in-st-petersburg.html|website = Tampa Bay Business Journal|publisher = https://plus.google.com/115058816124972466715/|accessdate = 2015-11-04}}</ref>. |
Progressive acquired an additional 62 percent of ASI for $875Mil, bringing their total shares to 67 percent<ref>{{Cite web|title = Progressive Insurance has $875M deal for American Strategic Insurance - Tampa Bay Business Journal|url = http://www.bizjournals.com/tampabay/news/2014/12/16/flo-is-making-herself-at-home-in-st-petersburg.html|website = Tampa Bay Business Journal|publisher = https://plus.google.com/115058816124972466715/|accessdate = 2015-11-04}}</ref>. |
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Revision as of 14:58, 19 November 2015
American Strategic Insurance (ASI) was founded in 1997 by John Auer as a homeowners insurance company for Florida. [1] The company has experienced rapid growth and is now expected to offer coverage nation wide by 2017, establishing it's place in the top 15 homeowners insurance providers in the United States.[2] These expansion goals are largely attributed to it's acquisition by Progressive in April 2015. While this transaction allowed Progressive to have a controlling interest of 67%, Progressive has owned as much as 5% since 2012.[3] Progressive paid $875 million for the acquisition. [4] The strategic partnership between the two companies is meant to allow them to compete in the coveted insurance "bundling" market. Despite the acquisition, ASI still operates as an independent company, with CEO John Auer as it's head.
- Segments
ASI currently sells homeowners, renters, condo, commercial property, flood and umbrella coverage. Their policies are sold through appointed independent agents. Independent agents are able to bundle ASI homeowners products with Progressive auto policies if the agents are appointed with both companies.[5]
In the Community
Angel Conlin, general counsel at ASI serves as the chair of the Florida Insurance Cousnsel Executive Committee and Board.[6] [7] John Auer also actively participates in community events. He has been a top contributor for the Southeastern Guide Dogs new Puppy Academy, matching donations up to $375,000. [8]
Campaigns
"The Battery Project" is an annual campaign that ASI has done from their inception. Each year, they mail a 9-volt battery to all of their policyholders to remind them of the importance of making sure their smoke alarms are working and have adequate power. ASI CEO, John Auer, has been quoted as saying “ASI can repair your home, but we can't replace you or your loved ones.” [9]
Finances
ASI has received a strong financial strength rating as A excellent from AM Best[10]. In a financial stability rating done on Florida specific homeowners insurance carriers, ASI was one of only two private corporations that the group recommended as stable[11].
Progressive acquired an additional 62 percent of ASI for $875Mil, bringing their total shares to 67 percent[12].
Currently, ASI has over $1 billion in written premium and $640 million in surplus[13].
References
- ^ http://www.tampabay.com/news/business/banking/progressive-buying-majority-stake-of-american-strategic-insurance/2210393
- ^ "IIABCal - ASI". www.iiabcal.org. Retrieved 2015-11-18.
- ^ Dulaney, Chelsey. "Progressive Unveils Plans To Buy Home Insurer ASI". Wall Street Journal. ISSN 0099-9660. Retrieved 2015-11-18.
- ^ http://www.insurancejournal.com/news/national/2014/12/16/350221.htm
- ^ "Progressive Corp - News Release". investors.progressive.com. Retrieved 2015-11-18.
- ^ "Insurance attorney: Assignment of benefits "sinkholes lite" - SaintPetersBlog". SaintPetersBlog. Retrieved 2015-11-18.
- ^ "About Us - Florida Insurance Council". www.flains.org. Retrieved 2015-11-18.
- ^ "Puppy Academy to open next fall". HeraldTribune.com. Retrieved 2015-11-18.
- ^ "ASI Reminds Its Customers a Simple 9-Volt Battery Can Be the Difference Between Life & Death". Reuters. 2015-04-10. Retrieved 2015-11-18.
- ^ "American Strategic Insurance Corp - Company Profile - Best's Credit Rating Center". www3.ambest.com. Retrieved 2015-11-04.
- ^ "Weiss Ratings give low grades to 35 Florida property insurers - Jacksonville Business Journal". Jacksonville Business Journal. https://plus.google.com/115058816124972466715/. Retrieved 2015-11-04.
{{cite web}}: External link in|publisher= - ^ "Progressive Insurance has $875M deal for American Strategic Insurance - Tampa Bay Business Journal". Tampa Bay Business Journal. https://plus.google.com/115058816124972466715/. Retrieved 2015-11-04.
{{cite web}}: External link in|publisher= - ^ "Progressive buying majority stake of St. Petersburg's American Strategic Insurance". Tampa Bay Times. Retrieved 2015-11-04.