Alyssa Lane
American Strategic Insurance (ASI) is an insurance group that offers a range of insurance products, including home, condo, renters, dwelling fire, flood, and seasonal or investment home insurance. Founded in 1997, ASI has grown to become one of the 15 largest homeowners insurance carriers in the United States, providing coverage in 40 states. The company has a strong financial stability rating and is known for its responsive claims organization and agent-friendly service. ASI is a subsidiary of Progressive Insurance and is also a Write Your Own (WYO) flood insurance provider for the National Flood Insurance Program.
| Characteristics | Values |
|---|---|
| Founded | August 1997 |
| Founder | John Auer |
| Parent company | ARX Holding Corp |
| Subsidiaries | ASI Assurance Corp, ASI Preferred Insurance Corp, ASI Lloyds, American Capital Assurance Corp, ACA Home Insurance Corp, ASI Underwriters of Texas Inc, American Strategic Insurance Corp, ASI Select Insurance Corp |
| Services | Home, condo, renters, dwelling fire, flood, seasonal or investment home, and life insurance |
| Coverage | 40 states |
| Financial strength rating | A (Excellent) by AM Best Co |
| Achievements/Awards | Florida's Best Companies to Work For by Florida Trend (8 consecutive years), Tampa Bay Time's Top Workplaces, National Flood Insurance Program's 2010 Administrator's Club Award, Florida Trend's Best Companies To Work For Award 2011, Florida Trend's Best Mid-Sized Company Award 2010 |
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What You'll Learn
ASI's insurance products
American Strategic Insurance (ASI) is a group of insurance companies that offer a variety of insurance products to customers in 40 states across America. ASI was founded in 1997 with the goal of providing residential property insurance, and has since grown to become one of the 15 largest homeowners insurance carriers in the United States.
ASI offers insurance for homes, condos, renters, dwelling fire, and flood insurance. They are also a Write Your Own (WYO) flood insurance provider for the National Flood Insurance Program, allowing them to offer a private flood insurance product as an alternative to the NFIP in Florida. ASI's flood insurance policies are currently taking a cautious stance, with homes needing to be a certain distance away from water to qualify for coverage.
In addition to the above, ASI also offers umbrella coverage in select states, as well as seasonal or investment home insurance. ASI is known for its financial stability, having received an "A" (Excellent) rating from AM Best Co. in 2012, and again in 2015. This indicates that ASI has strong financial stability and is a reliable option for insurance needs.
ASI also stands out for its unique single-deductible policy when customers bundle their auto and home insurance. ASI partners with auto insurance companies, including Progressive, to provide discounts for customers who bundle their insurance policies.
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ASI's financial strength
American Strategic Insurance (ASI) is a subsidiary of Progressive Insurance, formed in 1997 by CEO and President John Auer. It is one of the 15 largest homeowners insurance carriers in the US, initially offering Florida homeowners insurance. ASI has experienced rapid growth and now offers coverage for homeowners, dwelling fire, renters, condo, commercial property, flood and umbrella insurance.
ASI has a strong financial strength rating of A (Excellent) by AM Best Co. This is a strong rating, and in a financial stability rating of Florida-specific homeowners insurance carriers, ASI was one of only two private corporations recommended as stable. AM Best's ratings are based on a comprehensive quantitative and qualitative evaluation of a company's balance sheet strength, operating performance, and business profile.
In 2012, three ASI affiliates—ASI Assurance Corp., ASI Preferred Insurance Corp., and ASI Lloyds—also received an A (Excellent) rating by AM Best Co. Two other affiliates, American Capital Assurance Corp. and ACA Home Insurance Corp., were upgraded from a B++ rating to an A rating. This demonstrates the strong financial footing of ASI and its affiliates.
ASI's expansion goals are largely attributed to its acquisition by Progressive in 2015. Progressive paid $875 million for a 67% controlling interest, allowing the company to compete in the insurance "bundling" market. Despite the acquisition, ASI maintains its independence, with John Auer remaining as CEO.
ASI's strong financial strength rating and stable outlook from AM Best indicate that the company is a financially secure and reliable option for customers seeking insurance coverage.
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ASI's parent company and subsidiaries
American Strategic Insurance (ASI) is a subsidiary of Progressive Insurance, which acquired a majority 67% stake in the company by 2015. ASI functions as an insurance group with multiple insurance companies under the parent company ARX Holding Corp.
ASI's subsidiaries include:
- American Strategic Insurance Corp.
- ASI Assurance Corp.
- ASI Preferred Insurance Corp.
- ASI Select Insurance Corp.
- American Capital Assurance Corp.
- ASI Underwriters of Texas, Inc.
ASI Assurance Corp., ASI Preferred Insurance Corp., and ASI Lloyds received an A (Excellent) rating by AM Best Co in 2012. ASI is one of the 15 largest homeowners insurance carriers in America, offering a unique single-deductible policy for customers who bundle their auto and home insurance.
There is also a separate entity called the ASI Group, which is the world's leading manufacturer of commercial toilet partitions, innovative washroom accessories, lockers, and visual display products. The ASI Group has operating units and offices in the United States, Canada, Australia, Europe, the Middle East, Mexico, and China, with sales in over 50 countries. This group is privately owned and includes companies such as ASI STORAGE SOLUTIONS, ASI Accurate Partitions, ASI Group Europe, and American Specialties, Inc.
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ASI's awards and recognition
American Strategic Insurance (ASI) has received numerous awards and recognition for its financial stability and community engagement.
In 2016, ASI CEO John Auer won the Engaged Philanthropist Award at the 11th Annual WEDU Be More Awards. This award recognises individuals who have distinguished themselves in the nonprofit community by using their entrepreneurial skills to build successful nonprofit endeavours.
ASI has consistently demonstrated strong financial performance, earning a financial strength rating of A (Excellent) from AM Best Co. In a financial stability rating of Florida-specific homeowners insurance carriers, ASI stood out as one of only two private corporations recommended as stable by AM Best Co. This rating underscores ASI's stability and reliability as an insurance provider.
Additionally, in 2012, three ASI affiliates—ASI Assurance Corp., ASI Preferred Insurance Corp., and ASI Lloyds—received an A (Excellent) rating from AM Best Co. Two other ASI affiliates, American Capital Assurance Corp. and ACA Home Insurance Corp., also improved their ratings, being upgraded from a B++ to an A rating.
ASI's strong financial foundation and commitment to community engagement have contributed to its recognition and success in the insurance industry. The company's expansion goals and strategic partnerships further solidify its position as a leading insurance provider in the United States.
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ASI's history
American Strategic Insurance (ASI) was founded in 1997 by John Auer with the goal of providing Residential Property Insurance. The company began by offering insurance coverage in Florida, where it was based, and quickly became a prime choice for homeowners seeking financial protection against unforeseen events. ASI has since expanded to offer a variety of insurance products, including homeowners, condo, renters, dwelling fire, and
In 2011, ASI was named one of Florida Trend's "Best Companies to Work For", an award it has received consecutively for eight years. The company has also received recognition for its financial stability, receiving an "A" rating from AM Best Co. in 2012, an independent rating organisation for insurance companies. ASI's financial stability was further bolstered in 2015 when Progressive acquired an additional 62% of the company for $875 million, bringing their total shares to 67% and making ASI a majority-owned subsidiary.
Today, ASI is the 15th largest homeowners insurance carrier in the United States, providing coverage in over 40 states. ASI functions as an insurance group with multiple insurance companies under the parent company ARX Holding Corp. Some of its subsidiaries include American Strategic Insurance Corp., ASI Assurance Corp., ASI Preferred Insurance Corp., and ASI Select Insurance Corp.
ASI has continued to evolve and adapt to the changing needs of its customers, offering financial protection and peace of mind through its range of insurance products. The company's strong financial backing, stable ratings, and expansion across the United States have solidified its presence in the insurance industry.
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Frequently asked questions
American Strategic Insurance (ASI) is a group of insurance companies that offer coverage to 40 states in America.
ASI offers home, condo, renters, dwelling fire, flood, and seasonal or investment home insurance. They also provide a unique single-deductible policy for customers who bundle their auto insurance and home insurance.
ASI has a strong financial strength rating of A (Excellent) by AM Best Co. ASI was also ranked as one of Florida's Best Companies to Work For by Florida Trend for eight consecutive years.
ASI was founded in 1997 by John Auer to provide a voluntary market for residential property insurance in Florida. The company has since grown to become one of the 15 largest homeowners insurance carriers in the United States. In 2015, Progressive acquired an additional 62% of ASI, making them a majority shareholder.
