Overview of Great American Insurance Company
Great American Insurance Company is a top-rated insurance provider who has been in the industry for over 100 years. The company was founded in 1872 by a group of businessmen in Ohio. They started providing insurance to farmers with the goal of protecting them from losses due to fire and lightning. Even though the company started small, it grew rapidly over the years and now has regional offices not only in the United States but also in Mexico, the United Kingdom, and Canada.
Great American Insurance has developed a reputation for providing high-quality insurance policies at an affordable price. The company offers insurance products for various industries such as aviation, construction, healthcare, and transportation. They provide a wide range of insurance types including property and casualty insurance, surety bonds, and annuities. Moreover, Great American Insurance offers personal lines of insurance, such as homeowners, renters, and auto insurance.
The company’s commitment to their clients is reflected in the numerous awards they have received over the years. Great American Insurance has been awarded an A+ (Superior) rating by the insurance rating company A.M. Best Company for their financial strength and stability. In addition, they have been awarded the Ward’s 50® top performing property-casualty insurers by Ward Group.
One of the reasons for their success is their dedication to technology advancements. Great American Insurance uses state-of-the-art technology to streamline their procedures, which allows for faster and more efficient claims processing. They have an online portal that allows customers to manage their policies, make payments, and access their account information.
Great American Insurance Company takes pride in their community engagement efforts. The company encourages its employees to volunteer and make contributions to charitable organizations. They support various local community efforts such as The United Way, The American Red Cross, and the Cincinnati Arts Association.
Overall, Great American Insurance is a company that has established itself as a reliable provider in the insurance industry. They have proven their commitment to providing a wide range of insurance products, financial stability, investing in the latest technology, and giving back to their community.
History of Great American Insurance Company
Great American Insurance Company, is a subsidiary of American Financial Group, was initially founded in 1872 as a property and casualty insurance company but has since grown and expanded its operations to various insurance segments. The company has a strong focus on niche markets and has had a long-standing tradition of providing innovative insurance products and services to clients across a wide range of industries. It has grown from a regional insurance company to a multinational conglomerate with offices and operations across the globe.
Great American Insurance Company started by offering fire insurance to businesses and homeowners but quickly expanded its product offerings to cover commercial insurance needs such as transportation, construction, and aviation. It also provides specialty products like inland and ocean marine insurance, fidelity and surety bonds, and crop insurance.
A significant milestone for Great American Insurance Company was in 1917 when it was acquired by Carl Lindner, Sr., an entrepreneur and investor who embarked on a journey to expand the company’s operation and market presence. The acquisition allowed Lindner to bring his innovative ideas and insights into the insurance industry, which propelled the company into new heights of success.
From the 1920s to the 1940s, Great American Insurance under Lindner’s leadership continued to grow by acquiring smaller insurance companies, including the Chamberlain-Lloyd Underwriters group and the Lumber Mutual Casualty Insurance Company. Following the end of World War II, Great American Insurance expanded its operations to provide insurance coverage to businesses and industries that were part of the post-war industrial and economic boom.
In the 1960s, Great American Insurance Company started developing its unique niche products that targeted underserved markets. One of the products that were developed was ERISA Fidelity Bond Coverage, which provided insurance protection for companies providing employee benefits. The product became so popular that a separate division was created to handle the growing demand for it.
The 1980s saw Great American Insurance Company diversify its operations to include financial services such as annuities, life insurance, and investment products. Through the purchase of Flagship City Insurance Company, Great American Insurance Company also entered the healthcare industry, providing insurance coverage to long-term care facilities.
The company enjoyed continued expansion and success throughout the 1990s and 2000s. During the 90s, it purchased HSB – Group, a specialty insurer of engineering risks, and Republic Indemnity Insurance Company of America, which provided workers’ compensation insurance. The acquisition of HSB allowed Great American Insurance to increase its market segments from six to nine, increasing its overall product offerings. The acquisition of Republic Indemnity, on the other hand, gave the company a presence in California, which is one of the largest states in terms of workers’ compensation premiums.
Today, Great American Insurance Company continues to provide innovative insurance products and services to clients across different sectors, primarily in North America. It has received various awards, including the 2018 Specialty Lines Company of the Year award by Insurance Business America, in recognition of its exemplary performance in specialty lines insurance.
Types of Insurance Offered by Great American Insurance
Great American Insurance Company, a subsidiary of American Financial Group Inc., is known for offering a wide variety of insurance products to individuals and businesses. The company has been providing insurance services to its customers for more than 140 years, making it one of the oldest insurance providers in the United States. Here are some of the insurance types offered by the Great American Insurance:
- Property and Casualty Insurance
The Great American Insurance offers property and casualty insurance to individuals and businesses. This type of insurance protects against the financial risks associated with damage to property and liability due to accidents. Great American Insurance’s property and casualty insurance policies cover property damage caused by events such as natural disasters, theft, or fire. It also provides coverage for injuries sustained by third parties on the policyholder’s property.
- Specialty Insurance
The Great American Insurance specializes in providing customized insurance coverage for unique risks faced by businesses and individuals. Specialty insurance policies offered by the company include pet insurance, equine insurance, marine insurance, and large account risk management services.
- Health Insurance
Great American Insurance also offers health insurance products to individuals and businesses. Its health insurance policies range from basic coverage to comprehensive plans that provide extensive benefits such as hospitalization, maternity, prescription drugs, and preventive care. The company’s health insurance products cover individuals and families, as well as small businesses and large corporations.
Great American Insurance’s health insurance policies come with a range of deductibles, coinsurance rates, and co-payments to suit the nuanced needs of different customers. The company also offers health savings accounts, flexible spending accounts, and reimbursable health accounts to help policyholders manage their healthcare expenses.
- Life Insurance
Great American Insurance provides life insurance coverage to individuals and families. Its life insurance policies include term life insurance, universal life insurance, and whole life insurance. The company’s life insurance policies offer financial protection against death, disability, or illness, and can help policyholders meet their long-term financial goals.
The life insurance policies offered by Great American Insurance come with various riders such as accidental death benefit, disability income rider, and critical illness rider that can be added to the policy to provide additional benefits.
In addition to insurance products, Great American Insurance also offers annuities. An annuity is a financial product that provides guaranteed income payments to an individual over a specified period. Great American Insurance offers a variety of annuity products, including fixed annuities, variable annuities, and income annuities. Its annuity products are designed to help individuals manage their retirement income more effectively.
In conclusion, Great American Insurance Company offers a wide range of insurance products to businesses and individuals. Its insurance products are customized to meet the unique needs of different customers and come with a range of features and benefits to help policyholders manage their risks effectively. Whether you’re looking for coverage against property damage, personal injury, healthcare expenses, or retirement income, Great American Insurance has got you covered.
Great American Insurance’s Claims Process
Great American Insurance is an insurance company that provides coverage to businesses and individuals in the United States. They have a reputation for providing excellent insurance services to their customers, which includes a hassle-free and efficient claims process. In this article, we will provide an overview of the claims process at Great American Insurance.
1. Report the Claim
If you need to file a claim, the first step is to report the incident to Great American Insurance as soon as possible. They have a 24/7 claims reporting hotline that you can use to report your claim. Upon receiving your claim, Great American Insurance will assign a claims adjuster to investigate your case and gather all the necessary information.
2. Claims Review
Once Great American Insurance has received and accepted your claim, their claims adjuster will begin the investigation process. During this phase, they will gather all the necessary facts, including statements from witnesses and any available evidence. They will also assess the damages and losses associated with your claim to determine the amount of compensation that you may be eligible to receive.
3. Negotiation and Settlement
Once the claims adjuster has gathered all the information relevant to your case, they will arrive at the proposed amount of compensation that you may be eligible to receive. At this point, they will enter into negotiations with you to agree on the settlement amount. If both parties are able to reach a mutual agreement, a settlement will be reached, and you will receive the agreed-upon amount.
4. Appeals Process
If you are not satisfied with the settlement amount proposed by Great American Insurance, you can file an appeal. In most cases, appeals are heard by an independent arbitrator, who will review the case and make a final determination. It’s important to understand that filing an appeal is not always the best option, and it may prolong the claims process. So before filing an appeal, you should carefully weigh the benefits and drawbacks of doing so.
The claims process at Great American Insurance is designed to be easy and straightforward. They have a team of highly trained professionals who are dedicated to helping you get the compensation you deserve if you suffer a loss. While filing a claim can be overwhelming, the claims process at Great American Insurance is designed to minimize stress and inconvenience. If you need to file a claim, you can be confident that your claim will be handled efficiently and competently by Great American Insurance.
Great American Insurance’s Financial Strength
Great American Insurance is one of the most reliable insurance companies in the United States. It provides a wide range of commercial and consumer insurance products, including property and casualty insurance, surety, and annuities. Among its competitors, Great American Insurance stands out as a company with tremendous financial strength. In this article, we will examine the five aspects of Great American Insurance’s financial strength that make it a top choice for policyholders.
1. High Ratings from Credit Rating Agencies
Great American Insurance has earned high marks from leading credit rating agencies. For instance, A.M. Best gives it an A+ rating, indicating its superior financial strength and stability. Additionally, Fitch Ratings has awarded the company an AA- rating, reflecting its excellent capitalization, risk management, and underwriting practices. Moody’s Investors Service, a prominent rating agency, has given Great American Insurance an A2 rating, signifying its strong financial position.
2. Reserves and Surplus
Great American Insurance’s financial strength also lies in its reserves and surplus. The company has a sound balance sheet with sufficient reserves and surplus to cover potential losses. Its reserves are regularly reviewed, and adjustments are made as necessary to reflect the evolving risks in its portfolio. As of December 31, 2020, Great American Insurance’s total admitted assets were over $75 billion.
3. Investment Portfolio
Great American Insurance’s investment portfolio is another aspect of its financial strength. The company has a diversified investment strategy that seeks to generate stable and long-term returns on its capital. Its investment portfolio primarily consists of fixed-income securities such as bonds, which provide a steady stream of income. The company also invests in equity securities and real estate to diversify its holdings.
4. Reinsurance Program
Great American Insurance has a robust reinsurance program that enhances its financial strength. The program enables the company to transfer some of its risks to third-party reinsurers, reducing its exposure to catastrophic losses. By partnering with top-rated reinsurers, Great American Insurance can offer policies with higher limits and more extensive coverage than would otherwise be possible.
5. Skilled and Experienced Management
Finally, Great American Insurance’s financial strength can be attributed to its skilled and experienced management team. The company’s executives have decades of experience in the insurance industry and have steered the company through various economic cycles. They are committed to creating long-term value for policyholders, shareholders, and employees by maintaining a strong balance sheet, investing wisely, and providing innovative insurance solutions.
In conclusion, Great American Insurance’s financial strength is a critical competitive advantage that sets it apart from other insurers. The company has a proven track record of financial stability, earning high ratings from leading credit rating agencies, maintaining sufficient reserves and surplus, investing prudently, partnering with top-rated reinsurers, and having a skilled and experienced management team. For policyholders, this means that Great American Insurance can provide reliable and affordable insurance products that protect their assets and provide peace of mind.