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21st Century Insurance Group's Financial Developments

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21st Century Insurance Groups Financial Developments

21st Century Insurance Group's Financial Developments: An Overview

21st Century Insurance Group is one of the leading insurance companies of America that is rated as “stable” by Standard & Poor's Rating Services, as of 2006. 21st Century Insurance Company and 21st Century Casualty Company is rated as “A+” by S & P's counterparty credit and financial strength ratings while the parent company; 21st Century Insurance Group is “BBB+” accredited by S & P.

However, the situation and financial condition of the company were not at all convincing, some years ago. Its robust growth in IT systems' advancement and the steps it took for ceasing of more than 90% of the total SB 1899 Northridge earthquake claims as well as its striving growth policies, all in all helped 21st Century to improve its financial state. Its sound financial results influenced S & P to promote its outlook towards 21st Century from “negative” to “stable”.

According to Bruce Marlow; President and CEO of 21st Century, the company established a strong growth in its overall financial situation, especially on S & P's operating topics. The group enhanced its invested assents from $856 million to $1.4 billion and loss reserves from $349 million to $486 million; in between the period of end of 2001 to third quarter of 2004. In addition, within the aforesaid time frame; it increased stockholders equity by almost $100 million and growth revenue by more than 40%. It also improved the combined ratio during that time. As of 2003, its S & P capital adequacy ratio was 243% while by the end of Q3 2004, its premium to surplus ratio was 2.2: 1. The aforementioned financial status let the merchant retain the financial growth intake, particularly in California and other states like Illinois, Indiana, Texas and Ohio. Its online cutting-edge computer systems and low cost call centre also helped it to do well onwards by cutting the operating costs.

Although, robust underwriting, investment and cash flow performance demonstrated its economical improvement, but S & P's upgraded view over the company affirmed the fact, as reported by Lawrence Bascom; Senior Vice President and Chief Financial Officer of 21st Century Insurance.

A comprehensive ratings data of 21st Century Insurance Company is obtainable to the subscribers of RatingDirect at its official website.

21st Century Insurance Company: A Quick Look

21st Century is a personal auto insurance company that specializes in direct-to-consumer services. Since its inception in 1958, the company has been covering more than 1.5 million vehicles with premiums of $1.3 billion in California along with eight other states in Western, Southwestern and Midwestern parts of the country. It operates a successful auto insurance business which is motivated to provide superior policy benefits at the most affordable prices. The merchant enjoys a good reputation for its excellence in customer care service which is available to the customers 24x7. The customers can contact any of 21st Century authorized insurance experts any time, for any sort of enquiry or help regarding purchasing of insurance, servicing policy or reporting for a claim. English speaking customers can get in touch with the customer care executives over phone at 1-800-211-SAVE; whereas the Spanish speaking clients are recommended to contact the help desk at 1-800-920-2121. As well, they can log on to www.21st.com for any kind of assistance. Since, it's a bilingual site; anyone can access it.

21st Century Insurance Company and 21st Century Casualty Company are rated A+ by both of S & P and A.M. Best. 21st Century Insurance Group is headquartered at 21st Century Plaza, 6301 Owensmouth Ave, Woodland Hills, CA 91367. It is traded as TW in New York Stock Exchange.

Advisory Disclaimer:

The above-mentioned reports and speeches made by the officials of 21st Century Insurance; are not historical facts. These are merely their convictions in respect of company's future growth and future strategies. The company declaims to have no control over those statements. According to Private Securities Litigation Reform Act of 1995, these can be considered as “forward-looking statements”. Other than the company's future activities; these statements may also indicate further topics such as company's growth strategies, underwriting results, computer systems, dividend policy and reserves, product development, computer systems, expected combined ratio and growth of written premiums and financial results, as well as regulatory approvals and market position. The actual financial results, growth multiplications, financial actions and conditions may vary even substantially, from that of mentioned in those reports. The key factors that could enhance the variations are poor underwriting and claims experience, the impact of natural disasters, mainly earthquake, or civil commotions on company operations; customer service dilemmas, concentration of company facilities and employees in its headquarter at Woodland Hills, California; IT systems difficulties together with failures to execute IT projects timely and within financial capability and lot more to mention. Internal control breakdowns; unpleasant development in fiscal markets or interest rates; legislative results, change in governmental, regulatory or legal actions, and the company's capability to repay its debts are some of the other criteria that can stimulate the deviations. 21st Century Insurance Group bears no responsibility towards those “forward-looking statements”. It is recommended to visit to the company's website at www.21st.com for any kind of information in regards to its financial activities and condition or to contact the Investor Relations Department.

Fitch Ratings upgraded outlook on 21st Century Insurance Company

Fitch Ratings upgraded outlook on 21st Century Insurance Company added another feather to the company's crown. After obtaining upgraded stance from S &Ps; this was the 2nd important announcement that proved the company's strong financial aspects. Fitch Ratings endorsed its insurer financial strength or IFS ratings from “A” to “A+” on 21st Century as well as other insurers affiliated to it. Moreover, 21st Century Insurance Group also gained upgraded outlook over its long-term issuer ratings from Fitch Ratings. In addition to that, Fitch Ratings upgraded its ratings from “BBB” to “BBB+” on 21st Century's 5.9% senior notes due 2013.

As per the report prepared by trade analyst Mark Rouck; 21st Century's robust underwriting results together with Fitch's amplified comfort with the merchant's reserve position persuaded Fitch to upgrade its outlook on the company. Fitch's upgraded outlook affirmed 21st Century's sturdy position in the California's auto insurance market along with its firm capitalization and of course cost-effective direct circulation platform.

According to Lawrence Bascom; The Senior Vice President & Chief Financial Officer of 21st Century; this upgraded stance from both of Fitch Ratings and Standard & Poor's actually established the fact of American investment community's optimistic insight on 21st Century and its underwriting, investment and cash flow consequences. As well, the upgraded outlook proved the community's positive point of viewing over the company's strong financial projections, in the coming years.

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