Berkshire Hathaway GUARD Insurance Companies

Berkshire Hathaway GUARD Insurance Companies
Private
Industry Insurance
Founded Wilkes-Barre, Pennsylvania, United States (1982)
Services Commercial Property and Casualty Insurance
Revenue over $700 million
Website http://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. In 2015, the group’s insurance companies (AmGUARD, EastGUARD, NorGUARD, and WestGUARD) insured over 125,000 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 the vision of GUARD as a place for “one-stop shopping for business insurance” shortly thereafter.[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 2015, the company was writing over $700 million in premium, operating in all states that are not monopolistic for Workers' Compensation insurance, and actively writing five other lines of insurance — Businessowner’s Policies, Commercial Excess/Umbrella, Commercial Auto, Professional Liability, and Statutory Disability coverage. Berkshire Hathaway GUARD currently has nine 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 in most states throughout the country with plans for further expansion underway. 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 Lawyers Professional Liability Policy is currently available in many states throughout the country with plans for further expansion underway. Miscellaneous Professional Liability is currently available as a standalone product in New Jersey (with expansion plans underway) and is also available as an endorsement to the Businessowner’s Policy in all states in which that product is offered.

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 a 25-year period; during that time, well over 150 tons of food were 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.[8]

Trivia

The first building housing Berkshire Hathaway GUARD’s corporate operations is the former Lehigh and Wilkes-Barre Coal Company building in Wilkes-Barre, PA. The structure was built in 1908 in an unprecedented speed of 90 days.[9]

In 1995, the company acquired Mutual Fire Insurance Company of Saco, Maine, the second oldest insurer in the United States.[10]

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.[11]

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.[12]

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.[13]

Honored in November, 2001 as the #2 Best (Large) Place to Work in PA.[14]

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./
  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/careers/community_service.stm
  9. ↑ http://wbdcp.org/wp-content/uploads/2015/09/Walk-WB-2007-website.pdf
  10. ↑ http://www.guard.com/pr/97_AMBest_Excerpts.pdf
  11. ↑ http://www.wardinc.com/wards50/WardGroup-W50-12-PC-Article.pdf
  12. ↑ http://reports.celent.com/reports/celent-model-carrier-2007-case-studies-effective-technology-usage-insurance
  13. ↑ http://www.thefreelibrary.com/A.M.+Best+Co.+Presents+E-Fusion+Award+for+Agent%2FBroker+Management+to...-a0123498405
  14. ↑ http://www.guard.com/docs/2001_Best_Places_to_Work_in_PA.pdf

External links

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