21st Century Insurance

21st Century Insurance, registered on the New York Stock Exchange, provides personal auto insurance direct to the consumer. The company issues policies to over 1.5 million vehicles in California, as well as 8 other western, southwestern, eastern, and mid-western states. 21st Century Insurance is the 7th largest personal auto insurance company in the state of California. They offer various insurance products such as auto insurance, motorcycle insurance, and personal umbrella insurance. Customers can buy 21st Century Insurance 24 hours a day 7 days a week, and the company prides itself on their excellent customer service. 21st Century Insurance believes that they give their customers superior features with the policies they issue at very competitive prices, while still offering top-notch customer service. Near the end of 2004, 21st Century Insurance had $1.3 billion in net premiums and $1.4 billion in assets, for a total $2.7.

21st Century Insurance Story

Louis W. Foster was the founder of 21st Century Insurance in 1958. He started the company with the experience that he had gained being an insurance agent for 20 years. An inter-insurance exchange is much the same as a cooperative, in that many policyholders will try to insure the losses of other policyholders. A decision was made in 1968 to convert the inter-insurance exchange into stock. The Federal Government had minimized the tax advantage for doing this. Then, the California Department of Insurance raised both stock requirements and their capital, as this was a very unique idea in California business. The resulting profits from this exchange were considered a gauge for measuring the equity amount of 21st Century Insurance policy holders that were entitled to the new insurance company. On behalf of 21st Century Insurance, $2 million was written in insurance policies in 1969. In 1972, that amount reached $5 million and $10 million in 1975. 21st Century Insurance was growing quickly, and they moved to Century City, California to accommodate the increasing number of employees and insurance policies that were being written. Later In 1980, 21st Century Insurance moved to Woodland Hills, California, which is their current headquarters location. With the growth of the company, they began to issue insurance policies in other states such as Arizona and Washington, and further branched out west into other states such as Georgia and Pennsylvania. Currently, the approximate number of employees at 21st Century Insurance is 2,500. In addition, 21st Century Insurance has 14 service offices, 9 drive-in claim centers, and 5 vehicle inspection centers.