Westport Auto Insurance

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Company Details

Address:

5200 Metcalf Avenue

City:
Shawnee Mission
State:
Kansas
ZIP Code:
66202-1265
Phone Number:
913-676-5270
Year Founded
AM Best Rating:
A
Company Rating 0 (0 reviews)

Things to Remember...

  • Westport Insurance Corporation was founded in 1992 and was incorporated in the state of Kansas
  • The company underwrites property & casualty insurance, including auto insurance, marine, and fire insurance policies
  • Westport Insurance Corporation is a subsidiary of Swiss Re, headquartered in Zurich, Switzerland

This Westport Auto Insurance Review looks at Westport Insurance Corporation of Shawnee Mission, Kansas. The company underwrites property & casualty insurance, including auto insurance, marine, and fire insurance policies.

Westport Insurance Corporation was founded in 1992 and was incorporated in the state of Kansas.

The company employs about 600 people in all locations, and approximately 225 at the company’s headquarters. Westport Insurance Corporation is a subsidiary of Swiss Re, headquartered in Zurich, Switzerland. Swiss Re is one of the world’s largest insurance and reinsurance companies.

Westport Insurance Corporation is a subsidiary of Swiss Re, headquartered in Zurich, Switzerland. Swiss Re is one of the world’s largest insurance and reinsurance companies.

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Westport Insurance and Swiss Re Locations

Penalities for Driving Without Insurance

Westport Insurance Corporation is located at:

5200 Metcalf Avenue
Shawnee Mission, Kansas 66202-1265
Phone: 913-676-5270

Parent company, Swiss Re, has its global headquarters at:

Mythenquai 50/60
PO Box
8022 Zurich
Switzerland
Phone: +41 43 285 2121

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Westport Insurance and Swiss Re Financial Information

Ultimate parent Swiss Re (Swiss Reinsurance Company) trades on the pink sheets (Symbol: SWCEY) as American Depository Receipts (ADRs) and on the Swiss Exchange (Symbol: RUKN).

The company helps other insurance companies to reinsure risk in property & casualty, auto/motor, liability, health, and life insurance businesses. Swiss Re’s clients are small-to-mid-level insurance companies seeking the company’s acclaimed financial management services.

Swiss Re, and portfolio insurance companies like Westport Insurance Corporation, helps clients to understand, evaluate, and manage risk concerns.

Westport Insurance Corporation sells primary property & casualty insurance products, including auto insurance coverage, to individual and commercial clients in the United States.

Although Swiss Re has a global clientele, about 40 percent of the organization’s revenues originate in the U.S.

Swiss Re reported global sales of $28.84 billion in fiscal year ended December 2010. The company’s one-year sales growth was negative 10.71 percent (2010 vs. 2009). The company’s net annual income was almost $2 billion. Net income grew by 183.10 percent in 2010 vs. 2009.

The parent company’s gross revenues declined in 2010 from 2009 levels. Swiss Re’s global gross revenues were $32.29 billion in 2009 vs. $28.84 billion in 2010.

However, operating income increased to $2.68 billion in 2010 vs. $922.85 million in 2009. Earnings per share increased to $2.43 per diluted share in 2010 vs. $1.43 in 2009. The company lost $2.45 per share in fiscal year 2008, during the global financial downturn.

For the first quarter of 2011, the company reported $6.67 billion in revenues vs. $7.26 billion in the fourth quarter of 2010. The company reported negative operating income of about $918 million in Q1 2011 vs. $318 million of operating income in Q4 2010.

Westport Insurance and Swiss Re Competitive Markets

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The parent company competes most directly with Hannover Re and Munich Re, both headquartered in Germany. In the United States, Swiss Re and its operating insurance units compete with

  • General Re
  • Arch Capital
  • Everest Re
  • Aon Benfield
  • Manulife Financial
  • Guy Carpenter
  • Reinsurance Group of America
  • Transamerica Re
  • Renaissance Re
  • SCOR
  • Partner Re
  • XL Group

Westport Insurance Corporation competes with top U.S. auto insurance companies such as State Farm, Allstate, and AIG in regional markets.

Westport Insurance and Swiss Re Recent News

During the 2008 to 2009 economic downturn, Swiss Re avoided acquisitions and sold some prior portfolio companies to raise cash.

The company sold investment manager Conning, purchased from MetLife in 2001.

It also sold CyberComp, an Internet-based workers’ comp unit, to AmTrust Financial Services.

Parent Swiss Re sold $75 million in catastrophe bonds to protect against the risk of a flu pandemic such as the H1N1 virus over a five-year period.

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