Standing the Test of Time
July 23, 2019 by Lori Chordas
A 120-year-old fire and casualty insurer joined the ranks of companies that have maintained a Best’s Financial Strength Rating of A or higher for at least 75 years.
After building successful insurance operations around the globe, Cornelius Vander Starr turned his attention to the American market. Starr, the founder of what is now American International Group, had laid the foundation for an empire by launching operations across Asia and in France, Italy, Germany and the United Kingdom. But he wanted to expand in the American market. In 1952, he acquired Globe and Rutgers Fire Insurance Co. and its subsidiary, American Home Fire Assurance Co., to broaden his domestic market presence.
American Home Assurance, the rebranded name of Globe and Rutgers, joined 66 other property/casualty companies that have stood the test of time by retaining an A or higher Best’s Financial Strength Rating for at least 75 years.
Globe and Rutgers was created at the turn of the 20th century as a fire and casualty insurer. Over the years, the company grew its portfolio to also include business lines of insurance such as workers’ compensation, wholesale umbrella and catastrophic risk. The company also underwrites policies for consumer electronics to be covered under manufacturer and retailer warranties.
Click HERE to read the full article via AM Best.
