Penn America Insurance Company
Penn America Insurance Company
Three Bala Plaza East, Suite 300
Bala Cynwyd, PA 19004
Penn-America Group is an umbrella organization of insurance companies which offers both property and casualty policies for the benefit of small commercial businesses. This company is handled by a dependable and professional network of wholesale and general agents. Its number of insurance companies under its umbrella obtains licenses as well as qualification of surplus lines in all of the fifty states as well as in Washington D.C.
It has maintained its A.M Best rating of A, which means that it has the excellent capability to keep up with its client obligations.
This main group was established in 1975, and just recently has regionalized its operations in order to be near its agent partners. They have also launched and operated in the Los Angeles, Philadelphia, and Atlanta areas.
The small commercial businesses which it insures have usually limited access to greater insurers with standard lines, and thus needs to find insurance found in the “surplus and excess lines” market. This is due to their rural location, a premium size that is small, and risks which are non-standard.
In this market, which is deemed as secondary, Penn-America is reward with prices which are higher than those in the standard line, has more flexibility in terms of excluding coverage for specific losses, as well as taxes of lower premium and fund assessments which are guaranteed by the state.
The company is able to distribute its services through its 106 wholesale and general agents. Their goal is to be able to serve the necessities or insurance brokers who are in retail.
Penn-America has also established a “franchise value” with individual general agents by having a great level of service as well as support. In this way, Penn-America expects to be the general agents’ initial choice of carrying insurance for the kinds of insurance policies it writes and offers to its clients.
Some of the specific components of the franchise value includes the following: direct access to the company’s senior management, a professional kind of communication, tailored products fit for the market, market support and a contingent-profit commissions package.
The company was founded in the year 1975, and is currently a member of Global Indemnity PLC. This is a holding company organized in 2010 under Ireland’s laws. One of its wholly owned subsidiaries is United America Indemnity Ltd.
Global Indemnity offers various kinds of insurance as well as reinsurance products and services to meet the different needs of its clients. Its distribution network which is multi-channeled includes of United States as well as other international operations. Its US operations which has seven insurance companies are all rated “A” or Excellent by A.M Best.
On the other hand, its non-US operations are also rated excellent by the same organization. These impressive ratings aid in reinforcing or establishing relations with existing clients, and at the same time, attracts prospective partners and future clients or policy holders.
Penn-America Group is one of its providers of specialty property and provides insurance policies for those which are usually not offered by standard insurance companies. The group writes different insurance policies and related coverage such as equipment breakdown, signs, glass, or crime, among others.