ACSTAR Insurance Company · New Britain, CT United States
Company Description
View ACSTAR Insurance Company Locations On A US Map
This link will open in a new window
This link will open in a new window ACSTAR does a stellar job covering contractors. ACSTAR writes commercial and contract surety bonds for prime contractors, environmental remediation and asbestos abatement contractors, and other standard and specialty trade contractors. The company also offers workers' compensation bonds, license and permit bonds, supply bonds, and other products. The firm is licensed in all 50 US states; its products are distributed through independent agents. ACSTAR benefits from the expertise of parent ACMAT (it acquired the company from John Hancock in 1987), a former interior contractor that entered the insurance market after its own insurer canceled all asbestos coverage. To read the full description, subscribe now.
Call Now at 866-464-3202 or Click here for a Free Hoover's Trial!
Key ACSTAR Insurance Company Financials
| Company Type | Subsidiary Single Location |
| Fiscal Year-End | December |
| Annual Sales (mil.) | $15.0 |
| Employees | 25 |
ACSTAR Insurance Company Executives
9 executives listed for ACSTAR Insurance Company's New Britain, CT location.
| Title | Name & Bio | Contact |
| Chairman, President, and CEO | Henry Nozko | Network |
| Controller | Dennis Kane | Network |
| SVP | Michael Cifone | Network |
Competition
Competitive Landscape for ACSTAR Insurance Company
Demand is driven by demographics and commercial transactions. Demand is also driven by legal or financial requirements. Consumers are usually required by states to buy auto insurance and by lenders to buy homeowners insurance, for example. The profitability of individual companies depends on effective marketing and on the ability to accurately estimate future payments. Large companies have big economies of scale in administration and in access to capital, as well as advertising and marketing. Small companies can compete successfully by specializing in particular products or industries. Average annual revenue per worker is around $400,000, so the industry is not labor-intensive. In the late 2000s recession, insurers saw revenues decline sharply when their investment portfolios lost value after the market fell. Insurance carriers rely heavily on their investment portfolios, which is where they invest premiums collected until they are needed to pay claims or benefits. In addition, deregulation of the insurance and financial services industries led to increased risk taking that hurt insurers' credit ratings. Insurance giant AIG was forced to accept $150 billion in government loans to stave off bankruptcy that was brought on by its overexposure to credit default swaps. Federal government bailouts have primarily targeted banks. Aside from AIG, insurance companies have not been as hard hit by the subprime mortgage meltdown. But some insurance companies are seeking relief from state regulators to allow them to operate with less capital. Other insurance companies are buying financial institutions to qualify for federal aid. To read the full description, subscribe now.Top ACSTAR Insurance Company Competitors
Call Now at 866-464-3202 or Click here for a Free Hoover's Trial!