Vigilant Insurance Company
Vigilant Insurance Company
55 Water Street
New York, NY 10041-0004
Vigilant Insurance Company is a New York based company that is part of the New Jersey based Chubb Group. Established in 1939, this company has been providing quality insurance products for 71 years. The company has annual revenues of $119,469,655 and employs a staff of approximately 61. The Chubb Group, Vigilant’s parent company, consists of more than 20 U.S. and foreign companies that provide property and casualty insurance to individuals and businesses.
Vigilant was incorporated in New York law in 1939 and its current name was assumed in 1941. Vigilant’s present ownership arrangement by the Chubb Corporation of Warren, New Jersey was recognized in 1969. Vigilant initially wrote general fire and marine insurance business, but at present provides a large array of property and casualty coverages, including over 14 lines. Being the three largest lines, homeowners equaled to 32 percent of the company’s 2005 direct premium; commercial multi peril made up 21 percent and workers’ compensation made up about ten percent. Vigilant is licensed to do business in all U.S. states, in the District of Columbia, Puerto Rico, and the U.S. Virgin Islands. About 28 percent of direct premium writings come from New York, while 9 percent come from Connecticut and 8 percent from California in 2005. The company’s principal distribution method is through independent agencies and brokers, with over 5,000 independent agencies and 1,000 insurance brokers marketing its products.
A.M. Best reports a rating of A++ (Superior) to Chubb and its subsidiaries, including Vigilant. The outlook for the rating is stable. The rating reflects the group’s excellent risk-adjusted capitalization, superior underwriting and operating performance in general, and the sustainable competitive advantages within its specialty and upscale personal insurance businesses. The rating also acknowledge the group’s disciplined underwriting, comprehensive and proactive enterprise risk management, strong franchise recognition and access to the capital markets through Chubb Corporation. Chubb had revenues of $14 billion in 2006 and assets at year end 2006 of $50.3 billion.
The management of Vigilant is vested in its Board of Directors, made up of the following thirteen members: Joel David Aronchick, Walter Brian Barnes, Jon Cory Bidwell, Gary Louis Heard, Mark Steven James, William Andrew Macan, George Francis Marts, Harold Lawrence Morrison, Jr., Thomas Firouz Motamed, Douglas Alan, Michael O’ Reilly, Paul Timothy Pruett, and Henry Bruce Schram.
The company’s territory and plan of operation includes the fields of accident and health, fire, miscellaneous property damage, water damage, burglary and theft, glass, boiler and machinery, elevator, animal, collision, personal injury liability, property damage liability, workers’ compensation and employers’ liability, fidelity and surety, credit, motor vehicle and aircraft physical damage, marine and inland marine, marine protection and indemnity. The company is also authorized to transact workers’ compensation insurance. It is required to maintain a minimum surplus to policyholders in the amount of $35,000,000.
Vigilant and eight other affiliates within the Chubb Group participate in an inter-company pooling arrangement, the Chubb Group Reinsurance Pool. This inter-company pooling arrangement covers significantly all business with the exception of foreign business and the run-off of an old aircraft voluntary pool.