West American Insurance Company
West American Insurance Company
West Insurance Company began its operations in 1923 at the State of California, but eventually moved to the State of Indiana in the year 1995. Currently, the administrative office of the insurance company is located in Fairfield, Ohio.
Bio West American Insurance Company has been given an A rating and best insurance reports of 11354. This makes Bio West one of the most trusted and committed insurance company in operation today.
Company Financial Status
The company is trading at the stock market with the ticker symbol of OCAS and belongs to the 1000 largest US corporations that has a revenue of $1.7 billion in the year 2006 alone. At the end of year 2006, the estimated assets of the company reached $.5.7 billion.
Type of Life Insurance Handled
West American Insurance Company is a casualty and property insurance company which offers both Auto and Homeowners Insurance. It is licensed to work and operate in the following states: Alabama, Arizona ,Arkansas, , Colorado, Delaware, Florida, Georgia, Idaho, Indiana, Illinois, Iowa, Kentucky, Kansas, Louisiana, Miami, Maryland, Minnesota, Montana, Mississippi, Nevada, Nebraska, New Hampshire, New York, New Jersey, Ohio, New Mexico, North Dakota, Oklahoma, North Carolina, Oregon, Pennsylvania, South Carolina, South Dakota, Tennessee, Rhode Island, Utah, Virginia, West Virginia, Washington, Wisconsin and Wyoming.
Group of Companies
West American Insurance Company belongs to the six companies owned and handled by Ohio Casualty Group of Insurers. Its mains products is composed of worker’s compensation, commercial property, personal auto insurance, commercial auto and homeowner’s insurance.
Scope of Operation
At present, the Group is estimated to have approximately 3,400 independent agencies which is in operation in more than forty (40) states but 30% of its net premiums, as per 2005 record, comes from the following states: New Jersey with 11.6 %, Kentucky with 8.7% and Pennsylvania with 9.4 %.
The commercial lines department of Ohio Casualty Corporation provides commercial auto insurance, worker’s compensation and general liability insurance. This is considered to be the main financial arm of the company since it supplies 57% of their net premiums in the year 2005 alone. Typically, the clients of Bio West Insurance Company are from small businesses that has few hired employees who needs packaged products of coverage. According to its performance in the year 2005, half of the premiums from this department came from artisans and contractors, 19% came from merchants, 19% came from businesses while the remaining 6% came from other types of businesses.
Personal Line Segments
The personal line segments of the company also provide significant percentage of premiums, equivalent to 33% of the company’s earnings. This are personal homeowners and auto insurance policies particularly sold to individuals rather than groups. The most common of all are the umbrella type policies, surety and fidelity coverages which the companies offers as its specialty lines. Nevertheless, this is types of policies are only sold to policy holders who have initially purchased commercial automobile or general liability policies.
Liberty Manual has announced on May 8, 2007 its desire to purchase Ohio Casualty Corporation. If this is pursued then expect a one third increase in the scope of operation for Liberty Mutual.