Praetorian Car Insurance Company Review
The Praetorian Car Insurance Company is currently owned by QBE Insurance Group Limited, an Australian-based corporation and one of the largest insurers in the world. They specialize in providing automobile coverage for both private and commercial vehicles. Their services are sold by insurance agents throughout the United States.
Formed in 2003 with their main headquarters in New York City, they also have offices in Kansas, Illinois, Tennessee, and Nebraska. The Praetorian Car Insurance Company was acquired by QBE in 2007 for a total of $800 billion. Now, as a subsidiary with interest in QBE Holdings, Inc, the Praetorian Car Insurance Company increased their revenue by $1.5 billion.
Types of Insurance Offered
In addition to the Praetorian Car Insurance Company, QBE also provides automobile coverage through General Casualty, National Farmers Union, and Unigard Insurance. Depending upon your needs and region, you have the option of selecting policies from any of these QBE owned insurance companies.
As a sub-division of QBE, Praetorian Car Insurance writes general liability and non-standard policies, covering high-performance vehicles, modified cars and more. General Casualty and Unigard Insurance also have similar options. General Casualty offers the Generations package while Unigard Insurance refers to their non-standard coverage as Special Vehicles Coverage.
National Farmers Union Insurance is the most different; they insure automobiles, but they also insure farming equipment, such as tractors and backhoes. Complete their online Protection Profile and you will have the exact amount of coverage required for all of your unique vehicles.
Before Praetorian Car Insurance Company was acquired by QBE, they wrote an average of 380,000 automobile policies per year. However, during 2004 and 2005, the numbers decreased. After the acquisition, the number of policyholders almost doubled, climbing to 705,000.
Despite the financial disasters that surfaced in 2008, the Praetorian Car Insurance Company managed to produce results. According to the reports, the net income reported that year was $236 million. Considering the swift and frequent fluctuations in the market during this time, the increase over the previous year was still more than 22%.
Praetorian Car Insurance Company has a diverse financial portfolio and this is why they continue to increase their assets and annual revenue. In 2009, they reported over $427 million dollars and in 2010, the number soared to $905 million.
Currently, QBE employs approximately 14,000 people in over 49 countries between Australia, the United States, Europe, and Asia. This includes the Praetorian Car Insurance Company, their brokers, agents, and customer service representatives.
Advertising and Marketing
Previously, QBE made an attempt at advertising in their niche market, fleet insurance. They utilized graphic designers to create elaborate images that were placed on vehicles to serve as moving placards. The message was received; however, the costs were excessive.
Today, QBE does not spend time or money on public advertising; their website is very limited to products and services. As a result, none of their affiliates or subsidiaries relies on mass marketing to appeal to new customers. You will not see actors portraying Praetorian Car Insurance employees and they don’t have a catchy jingle, motto or tagline. They are not branded on outdoor billboards or playing videos on You Tube.
QBE is primarily a finance group with subsidiaries worldwide. They concentrate on other more effective methods to grow their company. Instead of using traditional marketing tactics, they prefer to use acquisition opportunities to spread throughout select geographic locations. Their strategies are working.
During the first six months of 2010, the United States alone increased the number of automobile premiums by over 13%. Other countries reported similar gains. Understandably, Australia boasted the largest increase of 26%. Asia and the Pacific region saw a rise of 15% and Europe, though lower than the rest, still had an overall increase of 6%.
The most efficient way to increase revenue and policy membership is by purchasing companies and making them part of their corporation; QBE continues to invest nationally and internationally. Their newest inquiry is the CUNA Mutual Group based in the United States. Acquiring this company added an additional $80 million in annual revenue and over 75,000 new members.
Ratings and Scores
Praetorian Car Insurance Company received an A, or excellent rating from A.M. Best. After reviewing their financial reports, they concluded that the Praetorian Car Insurance Company is more than capable of meeting their financial responsibilities, to both their policyholders and their employees. The factors are based on several issues, including the size of the company, the surplus, and any reserve funds.
Standard & Poor’s also gives favorable ratings to the Praetorian Car Insurance Company. Their ratings are based on the Praetorian’s ties to the QBE Insurance Group and their solid operating performance, specifically their specialized niche underwriting abilities and well-trained staff.
The National Insurance Brokers Association or NBA has awarded the QBE for being the General Insurer of the Year from 2002 until 2011. They received this recognition for their performance in a broad range of services and products.