Does Illinois National Insurance Company Still Sell Insurance?

UPDATED: Mar 5, 2013

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UPDATED: Mar 5, 2013Fact Checked

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Asked March 5, 2013

1 Answer

While it does not sell insurance directly any longer, the Illinois National Insurance Company is still a holding company under the American International Group, the company which now owns Illinois National Insurance Company. They no longer write policies for customers and exist solely as a holding company for AIG.

Read AIG reviews.

Company History
The Illinois National Insurance Company was founded in 1933, and later headquartered in New York City. The company sold fire and casualty insurance. At the time of Illinois National Insurance Company's acquisition by AIG, the company had assets of more than 59 million dollars and working capital of over 5 million dollars. Unlike many insurance companies during the recent economic shakeup, Illinois National Insurance Company remained a viable and profitable company up until it was taken over.

Company Ratings
Illinois National Insurance Company is not an individually rated company. Instead financial ratings companies such as A.M. Best consider the child corporations to inherit the rating of the parent. In this case, Illinois National Insurance Company inherits the financial rating of the AIG insurance giant As of January, 2013, AIG was rated as "A" (Excellent) with a matching excellent rating for their long term outlook. AIG is one of the nation's largest insurers, with more than 2 billion dollars in total company assets.

Insurance Products Offered
Illinois National Insurance Company sold fire and casualty insurance. Their total product list included vehicle insurance for cars, trucks, boats, motorcycle and all-terrain vehicles, homeowners insurance, health insurance plans, and specialty policies written for businesses and other commercial ventures. Illinois National Insurance Company does not sell insurance any longer, and any existing policies from the company have been absorbed into the AIG pool of insurance.

Answered March 5, 2013 by Anonymous

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