National American Auto Insurance Review (2020)
National American Insurance Company no longer sells any types of car insurance for individual drivers. Enter your ZIP code to compare quotes now.
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Written by
Leslie Kasperowicz
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Reviewed by
Daniel Walker
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UPDATED: Oct 26, 2021
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- National American provides insurance for oil & gas, trucking, and construction industries in Oklahoma and Texas
- National American also offers products for school districts in Oklahoma as well as worker’s comp and umbrella coverage
- The company no longer sells personal insurance lines or any types of car insurance for individual drivers
The insurance company serves the needs of local Oklahoma and Texas industries, including oil & gas, trucking, transportation, construction, and retail.
School board liability policies have become another area of specialty for NAICO.
NAICO works with a regional network of approximately 200 independent insurance brokers and agents. The company does not maintain a proprietary team of sales brokers and agents.
If you’re thinking about a new auto insurance provider, take a moment to compare the facts and figures. Just enter your ZIP code for fast, free auto insurance quotes!
Table of Contents
National American Insurance Financial Information
NAICO was downgraded from an “A-” to a “B++” rating by A.M. Best Company. The reason for the downgrade was a previous working relationship with the now-defunct Reliance Insurance Company which is now in liquidation.
They have recently been able to have an updated rating of an “A-.”
NAICO realized that Reliance was unable to meet its financial obligations for reinsurance of commercial insurance issued several years ago. To that end, NAICO turned to other reinsurers for assistance.
In that way, the company’s clients were protected from potential financial harm from Reliance’s problems.
The company’s liquidity, leverage, and profitability remain sound, according to statements made by the company on the website and the AM best rating.
The company also suffered construction losses in the South Texas marketplace. In the last decade, the construction business grew rapidly in that market.
Unfortunately, the global and national economic downturn affected construction. South Texas was more deeply affected than other regional construction markets.
NAICO maintains commercial relationships with the following companies:
- Chesapeake Energy
- Exxon Mobile
- Koch Industries
- Tyson
- Devon Energy
- Love’s Country Stores
As a privately-owned company, NAICO welcomes the opportunity to open its balance sheet for review upon request.
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National American Insurance Client Industries
As an insurance provider located in the Southwest, NAICO works with many businesses involved in the oil & gas industry, including producers, service contractors, and operators.
According to the website, the needs of the industry can be complex. As an experienced insurance partner, NAICO is suited to offer services and experience to the following workers:
- lease operators
- well servicers
- drillers
- roustabout servers
- perforator loggers
- pumpers
- contractors
NAICO customizes insurance solutions according to customers’ needs and offers auto coverage, workers’ comp, umbrella, and general liability policies.
NAICO underwrites trucking policies through its parent company, Chandler Insurance Managers (CIMI) of Grand Cayman Island.
NAICO offers experience in creating tailored insurance programs for the risks assumed by medium to large-sized truckers.
Primary insurance plans include auto liability and physical damage policies with higher deductible programs available to qualified client companies.
In addition, NAICO offers umbrella and workers’ comp insurance programs to the trucking industry.
National American Insurance Claims
According to the company website, NAICO’s claims and customer service standards differentiate the company from others.
Senior claims adjusters, loss controllers, and underwriters each have approximately 15 years’ experience in the industry.
In addition, senior management has direct experience in selling commercial insurance lines.
Each client’s needs and concerns are addressed by senior management in addition to claims and operations management.
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