Prudential Car Insurance Claims
Prudential and its subsidiaries provide insurance products and services in the United States such as automobile, life, mutual and annuity coverage; pension and retirement investment, asset management and administration services; securities brokerage, and residential and commercial real estate coverage. The company offers its products through its own professional agents, financial advisors and life planning specialists and its network of brokers.
Over and above the limited basic auto insurance required by law in each individual state, the company also provides policies for collision, comprehensive, underinsured or uninsured, no-fault, personal injury and medical payment coverage, reimbursement of rental and towing costs and personal catastrophe liability excess to cover young drivers.
Credits and discounts are available to lessen the cost of premiums if a policy holder’s vehicle has safety and/or anti-theft devices fitted, if drivers of the insured vehicle complete a defensive drivers’ course and if multiple vehicles are insured under one policy.
History of Prudential Insurance
In 1875 John Fairfield Dryden, an insurance agent, founded The Widows and Orphans Friendly Society in Newark, New Jersey, in order to offer life insurance policies to ordinary working class people. The policies, which initially cost just three cents a week, were known as industrial insurance and also included funeral and burial coverage. In 1879 the company expanded its operations to include New York City and Philadelphia as a result of increased business from the emergent middle class. By 1885, with assets of $1 million, The Prudential Friendly Society sold its one-millionth policy to Dryden himself. The company was renamed The Prudential Insurance Company of America and adopted the Rock of Gibraltar insignia as the company’s logo.
Prudential grew from a mutual insurance company, owned by its policy holders, into a joint stock company. Today the company comprises many hundreds of subsidiaries and affiliates and, worldwide, has written insurance coverage to a value of more than $2 trillion.
The main subsidiary companies are Pruco Life Insurance Company, The Prudential Insurance Company of America and Pruco Life Insurance Company of New Jersey. The company trades under a public holding company structure which is headed by Prudential Financial Inc. Its stock was first issued and traded on the New York Stock Exchange on December 13 2001, where it is listed under the symbol PRU. The company is listed in both Fortune Global 500 and Fortune 500.
March 2010 saw Prudential achieve the highest accolade when it was ranked by Fortune as one of the ‘World’s Most Admired Companies’ for any publicly-held life insurance entity. Prudential has reported total assets in the United States of $485.8 billion, of which $34.4 billion is net income and $3.70 billion is from revenue. As of June 30 2010 the company has $690 billion in assets under management.
Affiliates and subsidiaries deemed by the company as low return, low growth or volatile have been sold or merged to ensure profitability. The company has expanded its international business operations and has purchased businesses to strengthen its holdings, such as American Skandia Life which it acquired in 2003 and Cigna Life, added in 2004.
Financial Profile of Prudential
Today the company still bases its products on its life insurance heritage together with investment and asset management for both private and corporate customers, in the US, Europe, Latin America and Asia. Prudential has more than 38,000 employees in 37 countries.
The insurance industry’s most renowned ratings agencies have awarded Prudential the highest accolades – A M Best A+, Moody’s Aa3, Standard and Poor’s A+ and Fitch AA-.
