Mountain Laurel Insurance Company
Mountain Laurel Insurance Company
6300 Wilson Mills Road
Mayfield Village, OH 44143
Automobiles are important investments. It brings people, cargo and goods to its destinations in a faster and more convenient way. As such, there is a need to take care of them. Moreover, they need to be ensured too so that when the time comes that it needs an overhaul, its owners know where to obtain resources for it. One of the insurance companies in the United States that specialize in providing personal auto insurance (including those for motorcycles and recreational vehicles) is Mountain Laurel Assurance Company. It is licensed and operates only in Pennsylvania, and markets these automobile insurances directly through phone or online. Aside from that, there are multiple independent insurance agents who markets in behalf of Progressive Direct. Specifically, Mountain Laurel has more than 30,000 independent agents, and this accounts for about 60% of the business. Conveniently, the customers of these independent agents have the ability to quote policies of choice, then contact or update the agent about it in order to complete the sale.
Progressive Direct or Progressive Direct Holdings Inc. (a subsidiary of Progressive Corporation, which is one of the largest US auto insurers) wholly subsidizes Mountain Laurel Assurance Company. In 2009 alone, it experienced a one year growth of 13.4% from the previous year, with a $14,563.6M sales and a net income of $1.06 million dollars.
In 1998, this subsidiary company was rated by Standard & Poor (S&P) gave the company an ‘AApi’ rating. S&P is an organization that provides credit rating to various financial institutions and companies, and the rating they gave means that they reviewed Mountain Laurel Assurance Company has been rated as “very good” in terms of financial strength. S&P also found that it ceded 90% of its premiums to its mother company, Progressive Corporation, which financial strength is also rated with an ‘AApi” score.
Progressive Casualty Insurance Company is Mountain Laurel Assurance Company’s mother subsidizing company. They offer insurance for personal automobiles or vehicles, specialized property-casualty insurance, and other related services in the US. In force, it has about 10 million policies nationwide. In 2009, it ranked 209 in the Fortune 500.
In 2008, the company signed a 16-year contract on naming as well as sponsorship rights from Jacobs Field for being renamed as Progressive Field. Jacobs Field was the Cleveland Indians home, and as such, Progressive Corporation became Cleveland Indians’ official automobile insurer. This agreement cost about $3.6 million a year.
In the same year, Progressive announced the launch of Progressive Automotive X Prize which is its title sponsorship. It was an international competition that brought together various teams’ automobile creations of 100MPGe (miles per gallon energy equivalent) vehicles, and at the same time, be able to build and market it.
In 2007, Progressive Corporation even offered a Pet Injury Coverage, where it provided insurance for pets, specifically for dogs and cats which encountered vehicle accidents, or suffered from a car crash incident.
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