American Strategic Insurance
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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 expended to offer coverage nation wide by 2017. 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. Progressive paid $875 million for the acquisition. [2] 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.
References
- http://www.insurancejournal.com/news/national/2014/12/16/350221.htm
- http://www.tampabay.com/news/business/banking/progressive-buying-majority-stake-of-american-strategic-insurance/2210393
ASI - American Strategic Insurance
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