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The companies say the decision was part of a restructuring of their parent company, Kemper Corp., to exit the “preferred” home and auto market—an industry term referring to a tier of risk.
Allstate Insurance Company, named after Sears' tire line, went into business on April 17, 1931, offering auto insurance by direct mail and through the Sears catalog. [ 10 ] [ 11 ] This was in line with one of the objectives of a company to sell automobile insurance in the same manner as Sears sold its merchandise.
In 1820, there were 17 stock life insurance companies in the state of New York, many of which would subsequently fail. Between 1870 and 1872, 33 US life insurance companies failed, in part fueled by bad practices and incidents such as the Great Chicago Fire of 1871. 3,800 property-liability and 2,270 life insurance companies were operating in ...
1871 — The company paid all of its claims from the Great Chicago Fire – about a half million dollars' worth – within 60 days, nearly wiping out all of the company's capital. 1905 — The company had roughly 6,000 independent agents. [5] 1906 — Fireman's Fund was the first company to provide nationwide auto insurance.
AAA and Allstate have long-standing reputations as top car insurance companies in the industry. The American Automobile Association, more commonly known as AAA (“Triple-A”), was founded in ...
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The combined company became the sixth-largest provider of auto insurance policies. [8] In September 2012, White Mountains filed a lawsuit against Allstate alleging that Allstate failed to meet a deadline to produce a financial audit that was part of the sale, and that Allstate deducted $5.2 million in legal expenses from the value of the sale ...
Legal restrictions on telematics are strongest in California, where insurers can only base auto insurance rates on a limited list of factors, such as an insured’s driving record, years of ...