Does the Commerce and Industry Insurance Company Still Sell Insurance?
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Asked February 20, 2013
The Commerce and Industry Insurance Company was a New York company which sold a range of insurance products to property and business owners. As happened to many smaller insurance companies prior to the 2007-2008 recession, The Commerce and Industry Insurance Company was acquired by a larger insurance company and phased out of existence. The Commerce and Industry Insurance Company is not an operating insurance company today, although some policies may still bear the company name.
The Commerce and Industry Insurance Company was founded in New York City in 1957. They operated independently until 2009, when the company was acquired by the American International Group or AIG for short. Before their purchase, the Commerce and Industry Insurance Company had assets of more than 8 billion dollars and working capital of over 5 million. Their net surplus at the time of purchase was thought to be around 2.6 billion dollars.
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The Commerce and Industry Insurance Company is not rated individually as a financial institution. Instead, the company inherits the rating of AIG, the parent company. As of January, 2012, the A.M. Best Company rated AIG with a grade of "A" (Excellent) as well as an "a" stable outlook for the long term.
Insurance Products Offered
The Commerce and Industry Insurance company policies were written to accommodate a wide range of customers. In addition to policies for cars, boats, motorcycles and various types of recreational vehicle, the company also offered homeowners and business coverage. The Commerce and Industry Insurance Company also provided airplane insurance as part of their normal product package.
Answered February 20, 2013 by Anonymous