American Strategic Insurance (ASI) was formed in 1997 and led by CEO and President, John Auer. Its initial offering was Florida homeowners insurance. The company has experienced rapid growth and is now expected to offer coverage nationwide by 2017, establishing its place in the top 15

homeowners insurance Home insurance, also commonly called homeowner's insurance (often abbreviated in the US real estate industry as HOI), is a type of property insurance that covers a private residence. It is an insurance policy that combines various personal insura ...

providers in the United States. ASI is headquartered in

St. Petersburg, Florida St. Petersburg is a city in Pinellas County, Florida, United States. As of the 2020 census, the population was 258,308, making it the fifth-most populous city in Florida and the second-largest city in the Tampa Bay Area, after Tampa. It is the ...

. These expansion goals are largely attributed to its acquisition by

Progressive Progressive may refer to: Politics * Progressivism, a political philosophy in support of social reform ** Progressivism in the United States, the political philosophy in the American context * Progressive realism, an American foreign policy par ...

in April 2015. While this transaction allowed Progressive to have a controlling interest of 67%, Progressive has owned as much as 5% since 2012. Progressive paid $875 million for the acquisition. The strategic partnership between the two companies is meant to allow them to compete in the coveted insurance "bundling" market. Despite the acquisition, ASI still operates as an independent company, with CEO John Auer as its head.

History

ASI's three company values (Attitude, Speed and Innovation) are displayed throughout the company's headquarters. ASI moved their headquarters in 2013 to a new campus built to withstand a Category 5 hurricane. The 13-acre campus holds two company buildings, and includes an employee gym and an R'Club child care facility. R'Club Child Care, Inc., a

nonprofit A nonprofit organization (NPO) or non-profit organisation, also known as a non-business entity, not-for-profit organization, or nonprofit institution, is a legal entity organized and operated for a collective, public or social benefit, in co ...

child care provider in

Pinellas County, Florida Pinellas County (, ) is a county located on the west central coast of the U.S. state of Florida. As of the 2020 census, the population was 959,107. The county is part of the Tampa– St. Petersburg– Clearwater, Florida Metropolitan Statistic ...

, opened its new location at ASI's campus in 2014, offering over 200 slots with priority given to ASI employees. ASI has also been a

Better Business Bureau Better Business Bureau (BBB) is a private, 501(c)(6) nonprofit organization founded in 1912. BBB's self-described mission is to focus on advancing marketplace trust, consisting of 97 independently incorporated local BBB organizations in the Unit ...

Accredited Business since 2004, and currently holds a rating of A+. ASI was one of several major homeowners insurance carriers tested by the Atlantic hurricane season of 2004, which included

Hurricane Charley Hurricane Charley was the first of four separate hurricanes to impact or strike Florida during 2004, along with Hurricane Frances, Frances, Hurricane Ivan, Ivan and Hurricane Jeanne, Jeanne, as well as one of the strongest hurricanes ever to ...

Hurricane Frances Hurricane Frances was the second most intense tropical cyclone in the Atlantic during 2004 and proved to be very destructive in Florida. It was the sixth named storm, the fourth hurricane, and the third major hurricane of the 2004 Atlantic hu ...

Hurricane Ivan Hurricane Ivan was a large, long-lived, Cape Verde hurricane that caused widespread damage in the Caribbean and United States. The cyclone was the ninth named storm, the sixth hurricane and the fourth major hurricane of the active 2004 Atlan ...

and

Hurricane Jeanne Hurricane Jeanne was a Saffir–Simpson scale, Category 3 hurricane that struck the Caribbean and the Eastern United States in September 2004. It was the deadliest hurricane in the Atlantic basin since Hurricane Mitch, Mitch in 1998 Atlantic hur ...

. The 2004 hurricane season was the company's first opportunity for a strong impression with policyholders. ASI's current expansion goals are largely attributed to its acquisition by

in April 2015. While this transaction allowed Progressive to have a controlling interest of 67%, Progressive has owned as much as 5% since 2012. Progressive paid $875 million for the acquisition. The strategic partnership between the two companies allows them to compete in the coveted insurance bundling market. Despite the acquisition, ASI still operates as an independent company, with CEO John Auer as its head.

Segments

ASI currently sells homeowners, dwelling fire, renters, condo, commercial property,

flood A flood is an overflow of water ( or rarely other fluids) that submerges land that is usually dry. In the sense of "flowing water", the word may also be applied to the inflow of the tide. Floods are an area of study of the discipline hydrol ...

and

umbrella An umbrella or parasol is a folding canopy supported by wooden or metal ribs that is usually mounted on a wooden, metal, or plastic pole. It is designed to protect a person against rain or sunlight. The term ''umbrella'' is traditionally used ...

coverage. Their policies are sold through over 7,000 appointed independent agencies. These agents are able to bundle ASI homeowners products with Progressive auto policies as long as the agents are appointed with both companies. ASI began offering a private flood insurance product as an alternative to the

NFIP The National Flood Insurance Program (NFIP) is a program created by the Congress of the United States in 1968 through the National Flood Insurance Act of 1968 (P.L. 90-448). The NFIP has two purposes: to share the risk of flood losses through floo ...

in Florida. However, the company is currently taking what CEO John Auer calls "a cautious stance" with excess flood and private flood insurance policies, by only writing homes that are 2,500 feet away from water on the West coast of Florida and 1,000 feet away from the water on the East coast of the state.

Subsidiary Companies

ASI functions as an insurance group with multiple insurance companies under the parent company ARX Holding Corp. These subsidiaries include: * American Strategic Insurance Corp. * ASI Lloyds * ASI Assurance Corp. * ASI Preferred Insurance Corp. * ASI Select Insurance Corp. * American Capital Assurance Corp. * ASI Home Insurance Corporation * ASI Underwriters * ASI Underwriters of Texas, Inc. * Safe Harbour Underwriters, LLC

Notable Personnel

John Auer, president and CEO at ASI, serves as a board member and chair-elect of the Florida Hurricane Catastrophe Fund Advisory. Previously, John was appointed to Florida's Property and Casualty Reform Committee's technical advisory council. He also served on boards of the Florida Windstorm Underwriting Association and the Insurance Institute for Property Loss Reduction (now the Institute for Business & Home Safety). Auer also attended the first Florida Flood Insurance Conference in 2015. Angel Conlin, general counsel at ASI serves as the chair of the Florida Insurance Council Executive Committee and Board.

Community Involvement

"The Battery Project" is an annual campaign that ASI has done from their inception. Each year, they mail 9-volt batteries to their policyholders to remind them of the importance of ensuring their smoke alarms are working and have adequate power. ASI CEO, John Auer, has been quoted as saying “ASI can repair your home, but we can't replace you or your loved ones.” In 2015, ASI ran a fundraiser for Southeastern Guide Dogs (a nonprofit organization that trains

guide dog Guide dogs (colloquially known in the US as seeing-eye dogs) are assistance dogs trained to lead blind or visually impaired people around obstacles. Although dogs can be trained to navigate various obstacles, they are red–green colour blin ...

s for the vision impaired and for veterans suffering from

post-traumatic stress disorder Post-traumatic stress disorder (PTSD) is a mental and behavioral disorder that can develop because of exposure to a traumatic event, such as sexual assault, warfare, traffic collisions, child abuse, domestic violence, or other threats on ...

) to assist in building a new 20,000-square-foot puppy academy building.

Awards and Recognitions

In 2015, ASI was named on the Best Companies To Work For In Florida list by

Florida Trend ''Florida Trend'' is a media company delivering business news and information across print and digital platforms. Florida Trend reports on all industry sectors, including health care, education, research and technology, finance, law, transporta ...

for the seventh year in a row, and one of the Top Workplaces in Tampa Bay by the

Tampa Bay Times The ''Tampa Bay Times'', previously named the ''St. Petersburg Times'' until 2011, is an American newspaper published in St. Petersburg, Florida, United States. It has won fourteen Pulitzer Prizes since 1964, and in 2009, won two in a single y ...

for the sixth year in a row. In 2016, ASI CEO John Auer won the Engaged Philanthropist Award at the 11th Annual

WEDU WEDU (channel 3) is a PBS member television station licensed to Tampa, Florida, United States, serving the Tampa Bay area. Owned by Florida West Coast Public Broadcasting, it is a sister station to fellow PBS member WEDQ (channel 3.4). The two st ...

Be More Awards, which recognizes individuals who distinguish themselves in the nonprofit community by engaging entrepreneurial skills to build a successful nonprofit endeavor.

Finances

ASI has a strong financial strength rating of A (Excellent) by

AM Best AM Best is an American credit rating agency headquartered in Oldwick, New Jersey, that focuses on the insurance industry. Both the U.S. Securities and Exchange Commission and the National Association of Insurance Commissioners have designated ...

Co. In a financial stability rating done on Florida specific homeowners insurance carriers, ASI was one of only two private corporations that the group recommended as stable. In 2012, three affiliates of ASI—ASI Assurance Corp., ASI Preferred Insurance Corp. and ASI Lloyds—also received an A (Excellent) rating by AM Best Co. Two other affiliates, American Capital Assurance Corp. and ACA Home Insurance Corp., were upgraded from a B++ rating to an A rating. In 2015, Progressive acquired an additional 62 percent of ASI for $875Mil, bringing their total shares to 67 percent. Currently, ASI has over $1 billion in written premium and $640 million in surplus.

References

{{Reflist Financial services companies established in 1997 Auto insurance in the United States Insurance companies of the United States 1997 establishments in the United States