American Commerce Insurance Company · Columbus, OH United States
Company Description
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This link will open in a new window American Commerce Insurance Company (ACIC) makes American money for its Spanish parent. The company writes property/casualty insurance for individuals and businesses in about a dozen US states. ACIC, which specializes in private automobile and homeowners' insurance, sells its products through independent insurance agencies and agencies owned and operated by AAA clubs. It offers car, motorcycle, and RV insurance as well as home and condo owners and renters insurance. Founded in 1946, American Commerce Insurance is part of Massachusetts-based The Commerce Group , which is owned by MAPFRE , Spain's largest non-life insurer. To read the full description, subscribe now.
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Key American Commerce Insurance Company Financials
| Company Type | Subsidiary Headquarters |
| Fiscal Year-End | December |
| Employees | 217 |
American Commerce Insurance Company Executives
3 executives listed for American Commerce Insurance Company's Columbus, OH location.
| Title | Name & Bio | Contact |
| President and CEO | Gerald Fels | Network |
| EVP and COO | Lawrence Pentis | Network |
| Head, Claims Operations | Arthur Remillard | Network |
Competition
Competitive Landscape for American Commerce 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 American Commerce Insurance Company Competitors
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