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Berkshire Hathaway GUARD Insurance Companies

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Berkshire Hathaway GUARD Insurance Companies
Company typePrivate
IndustryInsurance
FoundedWilkes-Barre, Pennsylvania, United States (1982)
ServicesProperty and Casualty Insurance
Revenueover $1.25 billion
Websitehttp://www.guard.com/

Berkshire Hathaway GUARD Insurance Companies are A.M. Best rated A+ (“Superior”) and specialize in providing insurance coverage to businesses across the country. Products are available through contracted independent agents and brokers. The group’s insurance companies (AmGUARD, EastGUARD, NorGUARD, and WestGUARD) currently insure over 250,000 businesses.[1]

History

In July 1982, the company's original subsidiaries were formed in Wilkes-Barre, Pennsylvania, by Susan and Judd Shoval and a group of private investors. One year later, the first Workers’ Compensation insurance policy was issued in Pennsylvania and about a half million dollars in premium were written throughout 1983. The company successfully continued to grow, adding states, opening insurance and non-insurance subsidiaries, and acquiring Mutual Fire Insurance Company of Saco, Maine, in 1995. By 2007, GUARD had expanded under the Shovals' leadership to four insurance carriers (NorGUARD, AmGUARD, EastGUARD, and WestGUARD) writing $200 million of Workers’ Compensation insurance in 23 states.

To facilitate future plans, the company was acquired in 2007 by Clal Insurance Enterprises Holdings Ltd., an international insurance group. Sy Foguel joined the organization (now under new ownership) as CEO and introduced additional lines of coverage.[2] In 2012, the organization changed hands yet again and became a wholly owned subsidiary of National Indemnity Company, which is part of the Berkshire Hathaway Group. [3]

By the end of 2016, the company was writing over $1 billion in premium, operating nationwide, and actively writing seven other lines of insurance — Businessowner’s Policies, Commercial Liability Umbrella/Excess, Commercial Auto, Professional Liability, Statutory Disability coverage, and Homeowners/Personal Umbrella. Berkshire Hathaway GUARD currently has eight locations throughout the United States but remains headquartered in Wilkes-Barre, Pennsylvania.

Primary Lines of Insurance Offered

Workers’ Compensation

The company’s flagship product, Workers’ Compensation is written by Berkshire Hathaway GUARD nationwide.[4]

Businessowner’s Policies

Berkshire Hathaway GUARD’s Businessowner’s Policy is currently available throughout the country. All the major business property and liability coverages are included with the availability of specialized and customizable coverages and increased limits.[5]

Commercial Auto

Berkshire Hathaway GUARD’s Commercial Auto Policy is currently available in select states with plans for expansion underway. The policy includes liability, physical damage, and statutory coverages with optional increased limits and a bundled broad-form endorsement available.[6]

Commercial Liability Umbrella/Excess

Berkshire Hathaway GUARD’s Commercial Liability Umbrella/Excess Policy is currently available in most states throughout the country with plans for further expansion underway. The product can be attached over a variety of liability coverages.[7]

Professional Liability

Berkshire Hathaway GUARD’s Professional Liability coverage is available in many states throughout the country with plans for further expansion underway. Current products include policies customized to the needs of Lawyers, Architects and Engineers, Accountants (as of July 2018), and dozens of other specific classes of business.[8]

Disability

Berkshire Hathaway GUARD provides Statutory Disability policies (that can include certain optional enhancements) in New York, providing a natural complement to Workers' Compensation insurance.[9]

Homeowners/Personal Umbrella

During the last quarter of 2017, Berkshire Hathaway GUARD introduced the company’s first personal lines products – Homeowners (and Renters/Condo owners) insurance as well as a complementary Personal Umbrella. This product is designed to provide the traditional Property and Liability coverages needed by homeowners to protect their residence, assets, and overall way of life. With a variety of optional add-ons, coverage can be extended and limits increased — all at an affordable price.[10]

Community Service

Through a group of volunteers called the Special Projects Committee, employees contribute their money and time, including "work hours," to community-based activities. One example of their accomplishment is participation in the United Way’s “Christmas in July” program across more than three decades; during that time, well over 150 tons of food have been donated to kitchens, shelters, and food banks. Berkshire Hathaway GUARD also has a foundation that matches employees' contributions and independently supports select civic organizations and educational institutions.[11]

Trivia

The original building housing Berkshire Hathaway GUARD’s corporate operations was formerly the Lehigh and Wilkes-Barre Coal Company building in Wilkes-Barre, PA. The structure was built in 1908 in an unprecedented speed of 90 days.[12]

During the last quarter of 2017, Berkshire Hathaway GUARD acquired a new 10-story complex that will become the new headquarters of the organization in 2018.[13]

In 1995, the company acquired Mutual Fire Insurance Company of Saco, Maine, the second oldest insurer in the United States.[14]

Various Recognition and Rankings

Berkshire Hathaway GUARD was named a Ward’s 50 Top Performer for 2012, a distinction placing the company within the top 2% of all property and casualty insurance companies nationwide.[15]

Selected by Celent, Inc., an international strategy consultancy, to be included as a case study in their Model Carrier Report in January 2007, as a part of their mission to help leading financial institutions sustain a competitive advantage.[16]

Recognized by A.M. Best Company as an e-Fusion Finalist in 2004 — a national awards program which spotlights innovative uses of technology to address insurance business challenges.[17]

Honored in November, 2001 as the #2 Best (Large) Place to Work in PA.[18]

References

  1. ^ http://www.guard.com/pr/ASC/PDF/Documents/AboutUs.pdf
  2. ^ http://www.insurancejournal.com/news/east/2008/01/23/86653.htm
  3. ^ "Archived copy". Archived from the original on 2014-01-09. Retrieved 2014-01-09. {{cite web}}: Unknown parameter |deadurl= ignored (|url-status= suggested) (help)CS1 maint: archived copy as title (link)/
  4. ^ http://www.guard.com/workers_comp.htm
  5. ^ http://www.guard.com/bop.htm
  6. ^ http://www.guard.com/auto.htm
  7. ^ http://www.guard.com/umbrella.htm
  8. ^ http://www.guard.com/professional_liability.htm
  9. ^ http://www.guard.com/DBL.htm
  10. ^ http://www.guard.com/individuals/property_liability.htm
  11. ^ http://www.guard.com/careers/community_service.htm
  12. ^ http://wbdcp.org/wp-content/uploads/2015/09/Walk-WB-2007-website.pdf
  13. ^ http://www.guard.com/docs/press/pr_tl_newbuilding.pdf
  14. ^ http://www.guard.com/pr/97_AMBest_Excerpts.pdf
  15. ^ http://www.wardinc.com/wards50/WardGroup-W50-12-PC-Article.pdf
  16. ^ http://reports.celent.com/reports/celent-model-carrier-2007-case-studies-effective-technology-usage-insurance
  17. ^ http://www.thefreelibrary.com/A.M.+Best+Co.+Presents+E-Fusion+Award+for+Agent%2FBroker+Management+to...-a0123498405
  18. ^ http://www.guard.com/docs/2001_Best_Places_to_Work_in_PA.pdf
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