American Strategic Insurance
| File:Asi logo.jpg | |
| Company type | Private |
|---|---|
| Industry | Homeowners Insurance |
| Headquarters | St. Petersburg, Floida, U.S. |
Key people | John Auer, President, and CEO |
Number of employees | 500+ (2015) |
| Website | www.AmericanStrategic.com |
American Strategic Insurance (ASI) was formed in 1997 and led by CEO and President, John Auer. Its initial offering was Florida homeowners insurance.[1] The company has experienced rapid growth and is now expected to offer coverage nation wide by 2017, establishing its place in the top 15 homeowners insurance providers in the United States.[2] These expansion goals are largely attributed to its 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 its head.
Segments
ASI currently sells homeowners, dwelling fire, renters, condo, commercial property, flood and umbrella coverage. Their policies are sold through appointed independent agents. These agents are able to bundle ASI homeowners products with Progressive auto policies as long as the agents are appointed with both companies.[5]
Industry information
John Auer, president and CEO at ASI, serves as a Board member and Chair-Elect of the Florida Hurricane Catastrophe Fund Advisory. Previously, John was appointed to Florida's Property and Casualty Reform Committee's technical advisory council. He also served on Boards of the Florida Windstorm Underwriting Association and the Insurance Institute for Property Loss Reduction (now the Institute for Business & Home Safety). [6]
Angel Conlin, general counsel at ASI serves as the chair of the Florida Insurance Counsel Executive Committee and Board.[7][8]
Campaigns
"The Battery Project" is an annual campaign that ASI has done from their inception. Each year, they mail 9-volt batteries to their policyholders to remind them of the importance of ensuring 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 a strong financial strength rating of A (Excellent) by AM Best Co.[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]
In 2015, 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.
- ^ American Strategic Insurance | About Us| url = https://americanstrategic.com/AboutUs/management.aspx
- ^ "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.
- ^ "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. 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. 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.