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AMEX Assurance Company,of the American Express Property Casualty companies, is now writing insurance policies in New Jersey.
AMEX is entering the New Jersey market exclusively through the Internet. Its web site is www.americanexpress.com/autohome.
“American Express Property Casualty is excited and pleased to be entering the New Jersey market for personal lines insurance,” said American Express Property Casualty companies president Ken Ciak. “The collaboration and cooperation with the New Jersey Department of Banking and Insurance has been admirable and one of the key factors in our entering this state. We look forward to offering competitive rates and quality service throughout the state.”
AMEX Assurance Companyhas provided personal property/casualty insurance since 1986. It currently writes auto insurance policies in 38 states and Washington D.C., and recently received an “A” rating from A.M. Best.
Acting Governor Richard J. Codey hailed the news that a fourth auto insurer has entered the state since reforms transformed the marketplace in 2003.
“This is another great day for New Jersey drivers,” Codey said. “We are once again showing our drivers that the state is committed to creating more competition and providing the choices our consumers deserve.”
Today’s announcement follows a trend of increased competition for auto insurance business in New Jersey, including the entrance of Mercury General, GEICO and Esurance, and the continued downward pressure on auto insurance rates. In the two years since the reforms:
American Express Property Casualty companies are wholly-owned subsidiaries of the American Express Financial Corporation and the American Express Company. In connection with the spin-off of American Express Financial Corporation from the American Express Company, the American Express Property Casualty companies will change its name to Ameriprise Auto & Home Insurance. The name change will occur on Aug. 1, 2005 in anticipation of their spin-off from American Express Company on or after Sept. 30, 2005.