American Bankers Insurance Company of Florida : Providing Niche Coverage for Over 85 Years [UPDATE 2024]

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American Bankers Insurance Company of Florida (ABIC) is an insurance provider founded in 1935 and based in Miami, Florida. As a subsidiary of Assurant, ABIC provides a wide range of property, casualty, credit and other specialty insurance products to consumers across the United States.

American Bankers Insurance Company of Florida

American Bankers Insurance Company of Florida

Some key facts about American Bankers Insurance Company of Florida include:

  • Founding: ABIC was founded in 1935 in Miami, Florida. Originally named American Bankers Insurance Company, it adopted its current name in 1991.
  • Ownership: ABIC is a subsidiary of Assurant, a leading global provider of risk management solutions. Assurant acquired ABIC in 1990.
  • Headquarters: ABIC is headquartered in Miami, Florida and has offices across the United States.
  • Financial Strength: ABIC holds an “A” (Excellent) rating from A.M. Best, indicating strong financial health.
  • Products and Services: ABIC provides consumer specialty insurance including creditor-placed homeowners insurance, manufactured housing insurance, lender-placed flood insurance, credit insurance and other niche insurance products.
  • Policyholders: ABIC protects over 1.7 million customers across the country.
Company Business Type Headquarters Location Key Leadership Ownership
American Bankers Insurance Company of Florida (ABIC) Insurance Provider Miami, Florida Keith W. Demmings, President & CEO Wholly owned subsidiary of Assurant
Assurant Global risk management solutions New York City, New York Keith Demmings, CEO Publicly traded company (NYSE: AIZ)
AIG Insurance Corporation New York City, New York Peter Zaffino, President & CEO Publicly traded company (NYSE: AIG)
American Life Insurance Company (Americo) Insurance Provider Kansas City, Missouri Mark Bloedorn, CEO Wholly owned subsidiary of Amerco
American United Life Insurance Company (AUL) Insurance Provider Indianapolis, Indiana Bill Gulotta, President & CEO Wholly owned subsidiary of OneAmerica
AXA Insurance Provider Paris, France Thomas Buberl, CEO Publicly traded company (EPA: CS)

Products Offered by American Bankers Insurance Company

American Bankers Insurance Company provides the following key insurance products:

Creditor-Placed Homeowners Insurance

Also known as lender-placed or force-placed insurance, this protects the unpaid mortgage balance if the homeowner fails to maintain homeowners insurance on the property. This coverage is placed by creditors, mortgage servicers or lenders when borrowers do not hold an active policy.

Manufactured Housing Insurance

ABIC offers specialized property insurance for owners of manufactured homes (mobile homes) across the U.S. This covers the home itself as well as personal belongings inside against losses from fire, wind, theft and other perils.

Lender-Placed Flood Insurance

This flood insurance is purchased by the lender if they determine a borrower’s home is at risk for flood damage but does not have adequate flood coverage. It protects the lender’s interest until the borrower purchases their own policy.

Credit Insurance

Credit insurance pays part or all of a policyholder’s loan or debt payments in the event of disability, involuntary unemployment, or other qualifying events. It protects ability to make payments.

Other Specialty Insurance

Other niche consumer insurance products offered by ABIC include accidental death & dismemberment, vehicle service contracts, travel insurance, identity theft expense reimbursement coverage and more.

American Bankers Insurance Company of Florida
American Bankers Insurance Company of Florida

Leadership and Corporate Governance

American Bankers Insurance Company oversees over $2 billion in assets and more than 1,000 employees. Below are some of the insurer’s key leaders:

Keith W. Demmings, President & CEO: Demmings has served as President and CEO of ABIC since 2010. He has over 20 years of insurance experience.

Ricardo L. Ross, Chief Financial Officer: Ross has held executive roles at ABIC and Assurant for over 15 years managing finance, investments and strategy.

Board of Directors: ABIC’s board includes executives from Assurant and directors with expertise in areas like technology, finance, regulatory compliance and risk management.

As a subsidiary of the publicly traded Assurant, ABIC adheres to strict regulatory, compliance and governance standards at both state insurance departments and the SEC.

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Financial Strength & Claims-Paying Ability

ABIC maintains strong financial health, liquidity and claims-paying ability ratings as assessed by insurance rating agency A.M. Best. Key ratings include:

  • A.M. Best Financial Strength Rating of A (Excellent): This indicates ABIC has an excellent ability to meet ongoing insurance obligations. The score is third highest out of Best’s 15 ratings.
  • Long-Term Issuer Credit Rating of “a”: This further measures ability to meet policyholder and contract obligations. ABIC’s score indicates excellent financial security.

Ratings reflect balance sheet strength, operating performance, business profile and other factors. High scores also show discipline around risk management, ethical practices and consumer stewardship.

History and Heritage

For over 85 years, American Bankers Insurance Company has evolved into a leading U.S. consumer specialty insurer:

1935 – Founded as American Bankers Insurance Company in Miami, Florida

1953 – Expanded into credit life and disability insurance protecting consumer loans

1970s-1980s – Extended insurance to mortgages, credit cards and other lending

1980s – Added niche products like mobile home insurance

1991 – Changed name to American Bankers Insurance Company of Florida

1999 – Launched identity theft protection ahead of competitors

2000s – Grew specialty insurance including travel, credit card, warranties etc.

2010s – Invested in digital transformation and customer experience

Today, ABIC continues to adapt its insurance solutions to emerging customer needs across the U.S. as part of Assurant.

American Bankers Insurance Company of Florida
Bankers Insurance Company

Customer Service, Claims and Reviews

American Bankers Insurance Company aims to provide quality support and a smooth claims process:

  • Customers can report claims 24/7 online or by phone. Claims examiners are available to help policyholders.
  • MyABIC member portal allows customers to access policy documents, pay bills, report claims and manage accounts digitally.
  • ABIC home insurance scored 3 out of 5 stars based on 275 reviews at independent review site TrustPilot. Positive reviews highlight good value, ease of getting quotes and friendly service. Negative reviews mostly cite denial of claims believed to be covered or higher premiums vs competitors in some states. Overall, ABIC is shown to deliver on core promises to consumers.

Frequently Asked Questions on Insurance Company of Florida

What is the ABIC of Florida?

American Bankers Insurance Company of Florida (ABIC) is an insurance provider founded in 1935 and headquartered in Miami, Florida. It is a subsidiary of Assurant and provides various property, casualty, credit, and specialty insurance products.

Is Assurant and American Bankers insurance the same?

No, Assurant and American Bankers Insurance are not the same. Assurant is a global risk management solutions company that owns ABIC as a subsidiary operating in the consumer specialty insurance space.

What is Assurant USA?

Assurant USA refers to the U.S.-based subsidiaries of Assurant, including American Bankers Insurance Company of Florida across various insurance sectors.

Who owns American Bankers Insurance Company of Florida?

ABIC is wholly owned by Assurant Inc., so while ABIC management oversees operations, Assurant is the ultimate parent company that owns them.

Is AIG a bank or insurance company?

AIG is an insurance corporation, not a bank. AIG provides various insurance products globally including life insurance, property & casualty insurance, mortgage insurance, retirement solutions and more.

Is Bankers Insurance staying in Florida?

Yes, American Bankers Insurance Company of Florida remains headquartered in Florida where it was founded in 1935. There are no plans reported for them to relocate out of the state as of 2023.

American Bankers Insurance Company of Florida
American Bankers Insurance Company of Florida

How do I contact the American Life Insurance Company?

To contact American Life Insurance Company (Americo), you can call their customer service at 1-800-231-0801 or submit a message via their website contact page at amerco.com.

How do I file a claim with American bankers?

To file an insurance claim with ABIC, you can initiate the claims process online, access forms to print/email, or call their 24/7 claims line at 1-800-333-3026.

Where is American United Life Insurance Company headquarters?

The headquarters for American United Life Insurance Company (AUL) is in Indianapolis, Indiana at One American Square.

Who is CEO of AIG?

The current President & CEO of AIG is Peter Zaffino as of March 2021 when he succeeded former CEO Brian Duperreault.

Who owns AIG now?

AIG has many shareholders – it is not owned by a single defined entity but rather owned by individual and institutional investors.

American Bankers Insurance Company of Florida
Insurance Company of Florida

Is AIG and AXA same?

No, AIG and AXA are two distinct multinational insurance providers operating globally across various insurance markets.

Is AIG a large insurance company?

Yes, AIG is considered one of the world’s largest public insurance companies based on total assets and market valuation.

Does Tata own AIG?

No, India’s Tata Group does not own AIG. AIG is publicly traded with distributed ownership by many shareholders.

What is AXA called now?

AXA Group rebranded to AXA in 2022, simplifying its name from AXA SA to just AXA.

Conclusion

In summary, American Bankers Insurance Company is a established Florida-based specialty insurer serving over 1.7 million customers nationwide. As an Assurant company, ABIC provides lender-placed home and flood insurance, manufactured housing coverage, credit protection and other products meeting modern consumer risk needs. With strong financial ratings and positive customer feedback, ABIC delivers key promises around security, value and service.

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