York Auto Insurance

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Company Details
Address:

707 Sable Oaks Drive Suite 100

City:
South Portland
State:
ME
ZIP Code:
01406
Phone Number:
+1-800-456-1819
Year Founded
1995
AM Best Rating:
“A-“ (“Excellent”)
Company Rating 1 (1 review)

Things to Remember...
  • York Insurance Group of Maine is now the South Portland office of The Tower Group, Inc
  • The company’s insurance products include auto, umbrella liability, and workers’ comp insurance policies written for the wholesale/retail, service, construction, and real estate industries
  • Tower has announced plans to increase its markets to include the Southwest and West United States

This York Auto Insurance Company Review explores South Portland based York Insurance Group of Maine. York Insurance Company of Maine was formerly owned by OneBeacon Group.

York Auto Insurance Company, as part of OneBeacon Group, sold its traditional personal insurance auto and homeowner insurance lines.

The sale didn’t include OneBeacon’s specialty insurance lines or AutoOne (non-standard insurance for high-risk drivers). York Insurance Group of Maine is now the South Portland office of The Tower Group, Inc.

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About York Auto Insurance

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Parent Tower Group, Inc. owns about 15 insurance subsidiaries and sells both personal and commercial property and casualty insurance lines to Northeastern U.S. customers.

The company’s insurance products include auto, umbrella liability, and workers’ comp insurance policies written for the wholesale/retail, service, construction, and real estate industries.

Personal insurance lines focus squarely on auto coverage and homeowner policies.

The Tower Group, Inc. uses a distribution network of both wholesale and retail insurance agents. Wholesale insurance agents help the group to cultivate new retail relationships for the company.

The Tower Group, Inc. seeks community-based retail insurance brokers to create and manage relationships with commercial and retail insurance clients.

The company desires insurance agents interested in identifying attractive underwriting opportunities for the company.

Through the company’s Tower Risk Management division, The Tower Group, Inc. generates commission income on policies it distributes for other insurance companies.

As an auto and property and casualty insurance agent, York Insurance Company of Maine has access to insurance written through The Tower Group, Inc.’s subsidiaries as well as other auto insurance companies.

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York Insurance Company of Maine and CastlePoint Insurance

York Insurance Company of Maine now operates as part of CastlePoint Insurance, a division of The Tower Group, Inc. Tower acquired CastlePoint Holdings in its entirety in 2009.

It had already owned about 7 percent of CastlePoint and helped to start the company in 2005.

The transaction cost Tower approximately $490 million in cash and stock. CastlePoint offers insurance and reinsurance services.

CastlePoint’s goals include increasing shareholder value and cutting costs throughout the network.

York Insurance Company of Maine and The Tower Group, Inc.

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As part of an insurance market and wholesale agent expansion plan, Tower purchased other insurance concerns, including Hermitage Insurance Company, in 2009.

Hermitage is located in the Southeast United States and extends The Tower Group, Inc. into that market. The Tower Group, Inc. paid about $130 million to purchase the company from Brookfield Asset Management.

Tower purchased Specialty Underwriters Alliance (SWA) in the Midwest for $107 million in 2009.

SWA offers an expanded commercial book of business to the parent and added wholesale agents in the central United States.

Tower has announced plans to increase its markets to include the Southwest and West United States. The company is searching for small insurance company acquisition candidates in those regions to implement this expansion strategy.

 

 

Insurance companies owned by The Tower Group, Inc. include:

  • Tower Insurance Co. of New York
  • Tower National Insurance Co.
  • Hermitage Insurance Company
  • Mountain Valley Indemnity
  • Several Castle Point companies
  • Preserver Insurance Company

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One Review

  1. Jessica January 9, 2015

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