Harbor Point Car Insurance Review [2020]

Harbor Point car insurance was never offered and now Harbor Point no longer exists. Compare car insurance rates online and save up to 20% using our free tool below.

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Zaneta Wood, Ed.S. has over 15 years of experience in research and technical writing bringing a keen understanding of data analysis and information synthesis to reach a wide variety of audiences. She studied adult education and instructional technology at Appalachian State University as well as technical and professional communication at East Carolina University. Zaneta has prepared technical p...

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Joel Ohman is the CEO of a private equity backed digital media company. He is a CERTIFIED FINANCIAL PLANNER™, author, angel investor, and serial entrepreneur who loves creating new things, whether books or businesses. He has also previously served as the founder and resident CFP® of a national insurance agency, Real Time Health Quotes. He has an MBA from the University of South Florida. Jo...

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Reviewed by Joel Ohman
Founder & CFP®

UPDATED: Jan 28, 2021

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Company Details
Address: 4521 Highwoods Parkway
City: Glen Allen
State: VA
ZIP Code: 23060-6148
Phone Number: 804-747-0136
Year Founded: 1998
AM Best Rating: bbb+ (Good)
Company Rating 0 (0 reviews)

Here's what you need to know...

  • Harbor Point was a reinsurance company based in Bermuda
  • They were acquired by Markel Corp in 2012
  • They no longer have an identity as an insurer and they never sold personal auto insurance

Harbor Point was a reinsurance company that was once based out of Bermuda.

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Harbor Point History

Chubb Corporation and Stone Point Capital LLC were the leading investors. Other investors included BAML Capital Partners and Diamond Castle. As a holding company, it owned several reinsurance companies in 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 would underwrite casualty and specialty reinsurance as well as property and casualty reinsurance. Reinsurance companies provide risk management for insurance companies.

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Harbor Point is Now Part of Markel Corp

Harbor Point is now part of Markel Corp, a reinsurance company, and maintains no individual identity.

For a simplified example of reinsurance, if an insurance company writes 100 policies for $1 million each and every policyholder 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 is no longer a presence in the insurance world, and the company that bought them does not sell car insurance directly to the public, Markel is a reinsurance company that offers 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 below for free quotes now!

References:

  1. http://chubb.com
  2. http://ambest.com
  3. https://www.markelcorp.com/About-Markel/NewsRoom/Reuters1768535

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