AutoOne Insurance will become the newest carrier to handle New Jersey Personal Automobile Insurance Plan (NJ PAIP) business as a Limited Assignment Distribution (LAD) servicing carrier, beginning Jan.1, 2004.
The company’s bulletin noted: “AutoOne has serviced the New York AIP market as a LAD carrier since November 2001. New Jersey is now the second largest market in the U.S. for LAD carriers, with nearly $300 million in AIP written premium over the last 12 months. Combined, the New York and New Jersey markets account for nearly 85 percent of Personal Auto written premium serviced in the country through LAD carriers.” It has already signed up a number of client companies.
“Our management and staff have significant New Jersey experience in Personal Auto and PAIP experience,” stated Carey Benson, AutoOne’s President and CEO. “Given our solid infrastructure and our highly automated, state-of- the-art policy processing and claims systems, we are ready to handle expansion into the NJ PAIP and LAD market.
“We pride ourselves on customer service and back that up with one of the lowest complaint ratios among New York Personal Auto writers, as reported by the state insurance department,” Benson continued. “We promise to provide the same quality service to our New Jersey customers.”
AutoOne, with headquarters in Melville, N.Y., was formed in 2001 to provide LAD service to New York’s automobile insurance companies. It is a member of the OneBeacon Insurance Group, which is in turn a division of White Mountains Insurance.
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