Who Owns American Modern Insurance?

The holding company for a number of subsidiary property and casualty insurance companies that provide specialty products for owners of a variety of specialty dwellings such as seasonal homes and mobile homes, as well as collectable or recreational vehicles such as watercraft, snowmobiles, and motorcycles, American Modern Insurance Group, Inc., operating under the American Modern insurance brand, is the holding company for a number of subsidiary property and casualty insurance companies that provide specialty products for owners of a variety of specialty dwellings such as seasonal homes and mobile homes In addition, they offer pet insurance. American Family Home Insurance Business is one of its subsidiaries, however it is not associated with the mutual insurance company American Family Insurance.

In the manufactured housing industry, the company also services the commercial insurance needs of landlords, as well as dealers and communities. It also offers mortgage fire, debt cancellation, vendors single interest, collateral protection insurance, renters insurance, credit life, and flood insurance to protect lenders’ interests.

In 1965, the company’s first two insurance businesses were established in Cincinnati, Ohio. American Modern Insurance Group’s insurance firms are licensed to do business in all 50 states.

Munich Re, one of the world’s top 100 firms by sales, is American Modern’s ultimate parent. In the United States, it is part of Munich Re’s major insurance activities.

What is American Modern Insurance Group?

We are a major specialist insurance provider for motorcycles, boats, and classic cars, as well as residential insurance for rental properties, holiday homes, ordinary dwellings, vacant land, and mobile homes.

Is American Modern An admitted carrier?

The Munich Re America Group’s American Modern Insurance Co. is an admitted carrier with an A.M. Best rating of “A+ IX.” Coverage for boats and personal watercraft includes liability and hull, physical damage or property; collector cars (antique, classic, custom, exotic, kit, street rod, etc); dwelling fire, DP-1 and DP-3; homeowners – specialty – HO 3; manufactured homes/mobile homes; motor homes & travel trailers; and vacant dwellings, DP-1.

Direct billing or premium financing from a third party will be accepted. New brokers are encouraged to apply.

What is the AM Best rating for American Modern Insurance Group?

In the speciality insurance industry, American Modern is a well-known national leader. The company provides specialized products and services for residential property and the recreational market, and has nearly 50 years of experience in the manufactured housing insurance industry. Pet health insurance is one of our newest product categories. The company’s headquarters are in the Cincinnati suburbs.

American Modern is licensed in all 50 states and provides insurance to over 1.7 million clients through a multitude of property and casualty firms. The A.M. Best Company, an independent insurance evaluator, has given American Modern’s companies an A+ (Superior) rating as part of its parent company.

In April 2008, American Modern joined Munich Re as a vital part of the global reinsurance leader’s North American insurance business. Munich Re employs over 47,000 people in over 50 sites across the world and offers a wide range of insurance products. On the Forbes Global 500 list, it is among the top 100 corporations.

Who owns American Financial?

American Financial Group Inc. (AFG) is a diversified holding company with subsidiaries that provide private passenger cars and speciality property and liability insurance, as well as retirement annuities, life, and supplemental health and long-term care insurance. AFG has holdings in the United States, Puerto Rico, Canada, Mexico, Europe, and Asia, and operates in three main insurance segments: Personal, Specialty, and Annuity & Life. AFG is about 45 percent owned by the Lindner family.

Carl H. Lindner, chairman and president of AFG, and his younger brothers, Robert D. and Richard E. Lindner, were the company’s primary founders. The Lindner brothers, who were born and raised in Ohio, began their business careers without formal schooling, business contacts, or family funds. Carl Henry Lindner, born April 22, 1919, and his brothers dropped out of high school before graduating to work in the family’s small dairy. Carl Lindner led the company to success in the 1940s, thanks to an entrepreneurial strategy credited to their father. The Lindners’ United Dairy Farmers establishments, which allowed customers to save money on milk by purchasing it directly rather than having it delivered to their home, were scattered around the Cincinnati area. The outlets’ success encouraged the Lindner brothers to expand their business.

The Lindners established Henthy Realty Company in Ohio on November 15, 1955. By 1959, the corporation operated three small Ohio savings and loan associations with $17.7 million in assets.

The corporation changed its name to American Financial Corporation in September 1960. (AFC). This financial holding firm owned office buildings in Cincinnati, Norwood, and Loveland, Ohio, leased vehicles, and developed commercial assets through its subsidiaries.

With the acquisition of Dempsey & Siders Agency in 1962, American Financial Corporation gained property and casualty insurance business. By acquiring United Liberty Life in 1963, AFC entered the life insurance sector. In the same year, AFC purchased 98 percent of Athens National Bank’s outstanding shares in Ohio. The stock purchase cost $2.3 million in cash, plus the buyer assumed the seller’s debt.

Several firms, notably the Insurance Company of North America, Chubb & Son, and Ohio Casualty, bought major equity stakes in American Financial Corporation during the 1960s. AFC pursued various companies from 1968 to 1972, acquiring or taking control of 16 companies and their subsidiaries, seven of which were insurance-related.

AFC continued active in the banking sector, selling its stake in Athens National Bank in 1966 before buying a 92 percent stake in The Provident Bank in Ohio in 1967. The management of Provident Bank, according to Barron’s on July 4, 1988, rebuffed the takeover attempt. AFC was victorious, and its assets grew to about $350 million.

AFC embarked on a new endeavor in February 1971, The Cincinnati Enquirer. AFC defeated out competitors like Knight-Ridder and Omaha tycoon Warren Buffett to buy 95.5 percent of the daily newspaper. AFC’s stockholders numbered over 14,000 at the end of 1971, and company assets were over $538 million.

By late 1973, AFC had amassed almost 96 percent of common stock and 85 percent of warrants, and had taken financial control of National General Corporation, a West Coast conglomerate. In March 1974, the transaction was completed.

National General Corporation, formerly known as National Theatres, Inc., was a motion picture theater operator in the United States and internationally, as well as a motion picture producer and distributor, and a cable and closed-circuit television operator. However, insurance and publishing accounted for 70% of National General Corporation’s (NGC) assets.

The publishers Grosset & Dunlap, Inc., and Bantam Books, Inc. were among NGC’s assets, as were the Great American Life Insurance Company of East Orange, New Jersey, and its parent sponsor, the Great American Insurance Company.

The Great American Life Insurance Company (GALIC) was founded in East Orange, New Jersey, and is still headquartered there. Great American Insurance Company sponsored the company, and the company’s first resources came from the acquisition of 100,000 shares of common stock. In 1959, GALIC was incorporated and granted a license. GALIC sold an additional 100,000 ordinary stock shares to its sponsor for almost $1.3 million in 1962. GALIC wrote nonparticipating life, accident, and health insurance at the time, and was licensed in all states except Kansas and New York.

The Great American Insurance Company (GAIC) was founded in New York on March 6, 1872, and commenced operations the next day with $1 million in authorized capital in New York City. The corporation stayed in this state until 1903, when it received $500,000 in fresh capital and approximately $913,000 in surplus funds. The Rochester German Insurance Company, based in Rochester, New York, amalgamated with GAIC eight years later, in May 1911.

From the $2 million earned in 1911 as a result of the merger, Great American Insurance Company began significantly increasing its capital starting in 1918. In 1929, GAIC established a holding company, which was liquidated in 1953. The trading of shares in other insurance firms, such as the Detroit Fire & Marine Insurance Company, the American Alliance Company, Great American Indemnity Company, and the Rochester American Insurance Company, aided the capital rises.

GAIC’s organizational structure was simplified in May 1948. County Fire Insurance Company, a wholly-owned subsidiary in Philadelphia, was dissolved, the outstanding capital stock was canceled, and the company’s assets and liabilities were transferred to GAIC. The group was further reduced in 1953 when the affiliate, Great American Corporation, was dissolved and merged with the affiliate, American Alliance Insurance Company.

GAIC bought First Insurance Company of Hawaii in 1963. Constellation Insurance Company, which was renamed Constellation Reinsurance Company in 1975, was acquired two years later. GAIC’s assets had increased to $15.6 million by 1966.

The newly established Great American Holding Corporation took control of Great American Insurance Company in 1967. This holding company became a subsidiary of National General Corporation the following year, and was merged with that business less than four months later. In 1970, the Great American Insurance Company’s administrative offices were relocated to the National General Corporation’s headquarters in Los Angeles, California.

Following the merger of National General Corporation and American Financial Corporation, the offices were relocated once more, this time to Cincinnati, Ohio, where AFC’s headquarters are located. GAIC had previously been taken over by AFC in December 1971. AFC acquired direct control and all outstanding capital stock in GAIC, which had $566 million in assets, after merging with National General Corporation in 1974. “What attractedLindner to the companywas its large property and casualty unit, Great American Insurance Co,” according to Barron’s, July 4, 1988. AFC’s assets grew to over $2 billion after the merger with NGC and the acquisition of Great American Insurance Company and GALIC. American Financial Corporation was also established as one of the country’s largest foreign insurance concerns as a result of the merger.

The Great American Insurance Company and its subsidiaries wrote insurance in virtually every state and territory, as well as in Canada and other nations. With regional offices in 18 U.S. cities, the organization has around 5,600 agents and brokers representing it internationally.

While Carl Lindner remained chairman, GAIC administration was led by Stanley R. Zax, who had served as president since December 1973. Jovite LaBonte, who had been named president and director of GALIC in 1972, led the organization.

In 1974, GALIC discontinued writing group life insurance and individual and group accident and health insurance under LaBonte’s management. The company’s business included nonparticipating ordinary life and term contracts, which were produced by managing general agents, agents, and brokers. GALIC launched a new line of tax-sheltered and single-premium annuity contracts in 1975. By 1980, these contracts accounted for 97% of total premium revenue.

Is Great American a good insurance company?

Great American Insurance Company, the group’s flagship insurer, has been rated “A” or better by AM Best for more than 110 years. For many years, Great American Insurance Company has also received good financial ratings from Standard & Poor’s and Moody’s.

Is American modern a surplus lines insurance company?

American Modern Surplus Lines Insurance Company is a company that provides insurance. Property and casualty insurance is provided by the company. Customers in the United States are served by American Modern Surplus Lines Insurance.

Does American modern write car insurance?

We provide additional insurance to help you build your business and retain customers by insuring specialty items that aren’t often covered by other providers.

Coverage is subject to policy terms, restrictions, limitations, exclusions, underwriting review, and approval, and is not available in all states or for all risks. Rates and discounts are subject to change and are determined by a variety of factors. Policies are written by one of American Modern Insurance Group, Inc.’s licensed insurers, such as American Modern Home Insurance Company d/b/a in California American Modern Insurance Company (Lic. No 2222-8).