Sparta Auto Insurance Review

UPDATE: Sparta Insurance Company is now owned by Catalina Holdings (Bermuda) Ltd.

Sparta Insurance Company is a privately owned insurance underwriter established in the spring of 2007 to fill very individualized insurance needs.

They are a property and casualty company specializing in unbundled insurance products and services for specialty needs. The types of products they offer cover everything from commercial liability to captive reinsurance to transportation and logistics.

Sparta Insurance Company and its subsidiaries are active in all 50 states and the District of Columbia, offering a wide range of commercial insurance services.

Areas of specific interest include worker’s compensation, commercial vehicle liability, professional liability, hospitality industry coverage, manufacturing liability, and housing and real estate.

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Sparta Insurance Company Agents

Some national insurance providers prefer to use local agents as a means of selling and servicing policies. Others prefer a direct-to-customer approach utilizing corporate employees for the same tasks.

Sparta Insurance Company prefers the direct-to-customer approach. All of their agent functions are handled through corporate employees who are full-time staff.

Independent agents work well for standard types of insurance, like your everyday home and auto policy, it’s a bit more difficult when dealing with specialty insurance.

By its very nature, specialty insurance requires a more comprehensive look at coverage needs, liability limits, and circumstances that may affect a policy.

Companies like Sparta are more comfortable dealing with the special needs on their own rather than entrusting them to local, independent agents.

Sparta Insurance Company Locations

Even though Sparta Insurance Company is active all over the country, the only address we could find is for their Hartford, Connecticut headquarters.

A quick Internet search of the Sparta name does reveal a half dozen or more locations in various states.

It’s not possible to tell from these listings whether or not these offices are in any way related to the Sparta Insurance Company.

At least one of the offices we found turned out to be a local agency that offered a variety of insurance products at the consumer level. It’s quite likely that the rest of these offices operate on the same basis.

Sparta Insurance Company Careers

Sparta provides a careers link on its website where interested candidates can learn more about job opportunities.

At this time there are no openings available for new hires, but job seekers are encouraged to submit a resume for future openings.

When there are no new openings, they will be listed along with complete descriptions, requirements, and resume submission information.

Benefits received by Sparta employees include what one would normally think of for an insurance company.

Employees receive the following perks:

• Health
• Prescription
• Dental and vision coverage
• Retirement plan
• Paid vacations and holidays
• Disability insurance
• Educational assistance

Sparta Insurance Company Financials

Sparta’s A.M. Best rating of “A-” is sufficient evidence that the company is on firm financial footing. One would expect as much from a privately-owned insurance company funded primarily through private equity dollars.

When a private equity company invests in a project like Sparta they generally commit enough funding to last the lifetime of their investment, which is normally three to five years.

That being said, the most recent reporting of Sparta’s financial data shows they seem to be doing well.

As of last year, they listed working capital of $4.5 million, a policy surplus of $249.5 million, and total assets of more than $280 million. A.M. Best is impressed with Sparta’s capitalization, liquidity, and ability to meet short and long-term obligations.

At this point, there’s no reason to believe the company will not continue on into the foreseeable future.

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