Does Reassure America Insurance Still Sell Insurance?
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Asked October 29, 2012
Reassure America Life Insurance Company is one of the smaller insurance companies which did not make it through the financial turmoil of the first 10 years of the 21st century. It was first beset by problems after the attack on 9/11, and later succumbed to financial problems after the economic collapse of 2008, leading up to its being bought by Swiss Reinsurance Company Ltd., informally known as Swiss Re. Unlike the original Reassure America, Swiss Re has a strong financial outlook and boasts more than $100 billion in total assets.
What's the company's history?
Reassure America Life Insurance Co was founded in 1829 and operated as a sovereign corporation until was wholly bought by the Valley Forge Life Insurance Company in 2007. Reassure America continues to operate under its own name but is rated based on the rating of the parent company, Swiss Re. The A.M. Best financial rating company rates Reassure America Insurance as an A+, only one step below the best rating they offer.
What products did the company offer?
Swiss Re, the company which owns Reassure America Insurance, provides life insurance policy, health, property and casualty coverage to customers all over the world. This includes auto and home insurance, umbrella liability, and other coverages related to property insurance. Since the company's acquisition, Swiss Re has made steps to improve customer relations and provided the backing of the insurance giant's assets.
What happened to the company?
Due to mounting debts and an increase in customer dissatisfaction during the years following the destruction of the World trade Center towers; Reassure America was absorbed in Swiss Re. That company is now the world's second-largest reinsurance company after its acquisition of GE Insurance Solutions.
Answered October 29, 2012 by Anonymous