Does Sua Insurance Still Sell Insurance?
UPDATED: Jun 3, 2013
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Asked June 3, 2013
Sua Insurance Company, like many smaller companies during the economic upheaval of 20907-2008, no longer sells insurance directly to the public. Instead, it is today a holding company for the Tower Group, a multinational insurance firm. At the time of their acquisition, Sua Insurance held $333 million in assets, including a net surplus of $89 million. As an insurance company, Sua Insurance no longer exists, although they may still be found dealing with stocks and purchases inside the insurance industry.
Sua Insurance was established in 1981 as a fire and casualty insurer, based in Chicago, Illinois. The company did relatively well for more than 20 years before it was acquired by Tower Insurance, where it remains today. Sua Insurance provided only a few crucial types of policies to their customers, but does not sell insurance under their company name today.
Sua Insurance is not rated by the A.M. Best Company or other financial ratings firms. Instead, the company is rated according to the topmost level, or parent company. A.M. Best rates the Tower group as "A-," with a stable long term outlook of "a-." According to A.M. Best, the Tower Group holds more than $100 million in total assets, and was last reviewed in July of 2012.
Insurance Products Offered
Sua Insurance 5 basic types of coverage. For the individual, they sold auto insurance, including coverage for motorcycles, boats, and ATVs, as well as a range of home insurance products which included renters, condo, and homeowner's policies. For the business, Sua Insurance sold business insurance, airplane coverage, and boat insurance. The Tower group now sells all of the products that Sua Insurance once sold, under the Tower Insurance name.
Answered June 3, 2013 by Anonymous