This Harbor Point car insurance review looks at that its founding enterprise, Harbor Point Limited. Harbor Point Car Insurance was founded in 2005 as Harbor Point Limited, a reinsurance company that is based out of Bermuda.
Chubb Corporation and Stone Point Capital LLC were the leading investors. Other investors include BAML Capital Partners and Diamond Castle. As a holding company, it owns several reinsurance companies in the Bermuda as well as in the United States.
At the end of the third quarter in 2009, Harbor Point had almost $2 billion in shareholder equity. At the end of 2009, A.M. Best released a press release regarding the financial security of Harbor Point Limited, giving it an A rating for excellence. Max Capital Group Ltd. and Harbor Point Ltd. formed a merger in 2010, resulting in Alterra Capital Holdings Ltd. The merger created a strong and stable company with approximately $3 billion in equity from shareholders.
As a reinsurance company, Harbor Point underwrites casualty and specialty reinsurance as well as property catastrophe reinsurance. Reinsurance companies provide risk management for insurance companies.
For a simplified example, if an insurance company writes 100 policies for $1 million each and every policy holder submits a full claim, the insurance company would be liable for all 100 policies at full payout. Rather than risk the entire loss, the insurance company purchases reinsurance from a reinsurance company for a reinsurance premium. Depending on how the policy is written, the reinsurance company will cover a proportionate amount of the total losses or an amount that is in excess of the total losses.
While Harbor Point does not sell car insurance directly to the public, as a reinsurance company they offer reinsurance to companies who provide property and casualty insurance. Many car insurance companies buy reinsurance to minimize their risk. Drivers needing personal auto insurance can find it through the use of our free online car insurance rate tool. Enter your zip for free quotes now!
