American Modern, American Express Property Casualty Form Partnership

October 11, 2001

American Modern Insurance Group and the American Express Property Casualty companies announced a partnership which adds manufactured home, motor home, travel trailer, and nonstandard specialty homeowner products to American Express’ current insurance offerings.

The American Express Property Casualty companies, a subsidiary of American Express, is adding these new products to their current auto, home, small watercraft, personal liability and other select insurance product offerings. American Modern Home Insurance Company, a company of the American Modern Insurance Group and a subsidiary of the Midland Company, will underwrite these new insurance products for American Express.

The partnership gives American Express customers immediate access to an expanded line of specialized insurance products through American Modern and meets the company’s stringent quality standards, according to Don Shanks, senior vice president of Sales Operations at the American Express Property Casualty companies.

“It was important for us to partner with a company that has extensive experience in select insurance products, as well as a commitment to quality,” Shanks said. “American Modern exemplifies both of those characteristics. I’m pleased our two companies will be working together to provide additional value to American Express customers.”

Shanks said that a special agent group within the American Express Property Casualty companies will supply insurance quotes and bind coverage for interested customers. American Modern Home will then issue the policies and provide service throughout the policy term.

John W. Hayden, American Modern’s president and CEO, said that partnerships with strong companies like American Express are a key part of his company’s vision for profitable growth in the years ahead. Last year, partnerships accounted for approximately three percent of American Modern’s premium.

“American Express has a world-wide reputation for excellence and customer service,” said Hayden. “Their customers expect quality and value, and that meshes perfectly with American Modern’s array of specialty insurance products and our service orientation.”

The American Express Property Casualty companies will immediately begin offering American Modern Home’s manufactured home, motor home and travel trailer policies throughout the United States. Specialty homeowners policies, specifically designed for the nonstandard market, will initially be offered to American Express customers in Arizona and California, with plans for countrywide rollout of the product at a later date.

American Modern Insurance Group is a wholly owned subsidiary of The Midland Company, and accounts for more than 93 percent of Midland’s consolidated revenues. American Modern specializes in writing physical damage insurance and related coverages on manufactured housing, and has expanded to other areas of insurance, including homeowners, lower valued homes, dwelling fire, mortgage fire, warranty, collateral protection, watercraft, specialty automobile, credit life, recreational vehicle, motorcycle, snowmobile, long-haul truck, commercial and excess and surplus lines. Midland’s transportation subsidiaries, M/G Transport Group, charter barges and brokers freight for the movement of commodities on the inland waterways. Midland (www.midlandcompany.com) is headquartered in Cincinnati.

The American Express Property Casualty companies, located in Green Bay, Wis., are a direct response property/casualty company selling and servicing automobile, homeowners and umbrella insurance. In 1986, American Express Financial Advisors, one of the country’s leading personal financial planning companies, added property/casualty insurance to its portfolio of products and services. The American Express Property Casualty companies insure more than 175,000 policyholders in 36 states.

American Modern Home Insurance Company underwrites American Express’ manufactured home, motor home, travel trailer, and nonstandard specialty homeowner products. All other insurance policies for American Express are underwritten by AMEX Assurance Company and IDS Property Casualty Insurance Company, Green Bay, Wis.

Was this article valuable?

Here are more articles you may enjoy.