History & Financial Strength
API has a proud tradition of serving the insurance needs of individuals, families and businesses since July 1, 1956 when it was founded in Georgia as the First of Georgia Fire & Casualty Company. The Company moved its headquarters to New Jersey in 1995. Re- named the American Property Insurance Company, API has helped communities rebound to the tune of approximately $500,000,000 in claims payments during its 61 years in business.
In response to the insurance needs of New Jersey business owners, API began underwriting New Jersey insurance coverages in the Property, General Liability and Umbrella lines of business for New Jersey businessowners.
The Company expanded its underwriting operations to the state of South Carolina to help address a lack of commercial property insurance capacity from existing South Carolina admitted insurance carriers.
The Company again expanded its underwriting operations to the state of Florida to bring a new commercial underwriting insurer to Florida’s business owners in conjunction with one of the leading independent insurance agency associations.
API is financially backed through its program of reinsurance coverage, the purpose of which supports API’s ability to pay all claims promptly in the event of a single loss or a large catastrophe, such as an extreme weather event. The Company carefully reviews the reinsurance companies providing its financial “backstop” and believes that its current reinsurers are well-positioned financially to respond to the needs of the Company when required.
The Company’s principal reinsurance providers backing API are:
- Allied World Assurance Company Holdings Ltd., a $4.6 billion capital, publicly-traded insurance group (NYSE: AWH)
- AXIS Capital Holdings Ltd., a $5.7 billion capital, publicly-traded insurance group (NYSE: AXS)
- Everest Re Group Ltd., a $9.5 billion capital, publicly-traded reinsurance group (NYSE:RE)
- Scor Re., a $7.2 billion capital, publicly-traded reinsurance group (PA: SCOR)
- Renaissance Re, a $5.8 billion capital, publicly traded reinsurance group (NYSE: RNR)
With the strong financial backing of these reinsurance companies, API policyholders may take comfort in the knowledge that their claims will be paid fast and fair in the event of a catastrophic event.