Does Garrison Property and Casualty Still Sell Insurance?
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Asked December 31, 2012
Garrison Property and Casualty Insurance Company is one of the casualties of the economic decline of 2008, pun intended. Rather than going out of business, as many smaller insurance companies were forced to do, Garrison Property and Casualty was bought out by the United Services Auto Association. Now, Garrison Insurance is part of one of the USAA Casualty Insurance Company, a Fortune 500 company with excellent financial ratings. Garrison Property and Casualty as an insurance company no longer exists.
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What is the company's history?
Since going out of business, the history of Garrison Property and Casualty has faded into obscurity. A.M. Best, one of the most prominent financial rating companies, redirects inquiries about Garrison Property and Casualty to the USAA rating page. Best rates USAA as "A++ (Superior)," the highest rank available. USAA is estimated to have assets in excess of 2 billion dollars and has a long-range outlook of "AAA (stable)" a rating that is unchanged since December of 2011.
What products did the company sell?
USAA Property and Casualty Insurance Companies took over all existing policies of Garrison Property and Casualty Insurance Company and converted them into USAA policies. Under the USAA brand, the company sells auto, homeowners, condo, and renters insurance quotes. They also sell Umbrella liability insurance, specialty coverages such as Flood and Disaster Mortgage Protection, and recreational insurance quotes for boats, jet skis, motorcycles, and specialty products such as antique and collector cars.
What Happened to the Company?
The USAA Company restricts memberships to active and honorably discharged members of the military and their families. USAA is the 8th largest car insurer and the 6th largest home insurance company in the United States. Because USAA is a member-owned company, excess dividends are paid out to policyholders. In 2009, this amounted to 748 million dollars that were paid back to the policyholders.
Answered December 31, 2012 by Anonymous