Transamerica Insurance Group (TIG) Specialty Insurance Review [2024]

Transamerica Insurance Group (TIG) delves into the company’s evolution, financial challenges, and legal issues, offering crucial insights for potential customers. However, the review emphasizes that TIG no longer provides exclusive auto insurance coverage, urging readers to explore alternative options.

The article traces TIG’s history, detailing its founding as Transamerica Insurance Group in 1911, subsequent mergers, and financial setbacks. Notable legal challenges, including a $25 million ruling related to an Exxon Mobil contamination claim, and the company’s financial struggles, are discussed.

The piece also touches on the impact of TIG’s parent company, Fairfax Financial Holding Limited, no longer underwriting for TIG Insurance Co. The review concludes by encouraging readers to use a free comparison tool to explore alternative insurance options outside of TIG.

What You Should Know About TIG Insurance Company

The company, TIG Insurance Group, was initially named Transamerica Insurance Group. It was founded in 1911. TIG went public in 1993 after selling 44.2 million shares of stock. Each stock was worth $23.

During this time, Transamerica Insurance Group became TIG Holdings Inc. When TIG’s worth reached a billion dollars, its insurance business moved to Las Colinas, TX, where it became known as TIG Insurance. Co.

In recent years, TIG branched into different insurance products and added insurance subsidiaries such as TIG Specialty Insurance, TIG Indemnity Auto Insurance, and TIG Premier Insurance Company.

However, TIG Insurance Company started to undergo massive financial losses and began merging with other companies such as Ranger Insurance Company and American Safety Indemnity Company. On September 30, 2016, Clearwater Insurance Company merged with the TIG Insurance Company.

According to its website, TIG insurance company has an office in Columbia, MO, but it’s unclear where all of its locations are located, so, for example, it’s unclear if there is a TIG insurance company office in Michigan.

Check out this video that shows TIG’s persistence to stay in business.

TIG’s parent company, Fairfax Financial Holding Limited, no longer underwrites for the TIG Insurance Co., leaving the company with little no information on how consumers can get policies with the company.

TIG Insurance Group Lawsuits

No insurance company is a stranger to lawsuits or fines. TIG has been in business for a while, but the company has made some costly decisions that left it in financial disarray. According to the National Association of Insurance Commissioners (NAIC), TIG’s Direct Premiums Written is -$3,303.

In 2019, TIG loss $203 million in Net Income.

According to Bloomberg Law, TIG has to pay $25 million stemming from an Exxon Mobil contamination claim. New York’s Southern District ruled that the insurer is responsible for providing coverage based on the rules of its policy.

TIG Insurance Company Insurance Coverage Options

You won’t find any insurance coverages from the TIG Insurance Company’s website. However, you can get insurance from their parent company, Fairfax. Fairfax provides several coverage options. Here’s what you can choose.

• Asbestos, Pollution, and Health Hazard
• General Liability Insurance
• Workers’ Compensation
• Employers Liability and Public Liability
• Personal and Commercial Auto
• Marine and Aviation
• Medical Malpractice
• Property Insurance

Fairfax and TIG Insurance don’t report their insurance rates. Therefore, you’ll have to get a quote by contacting one of their agents by phone or email. But why wait? Get a cheap insurance quote from companies in your local area by entering your ZIP code in the FREE comparison tool.

TIG Insurance Company Insurance Rates Breakdown

TIG Insurance Company Discounts Available

TIG Insurance Company may offer a range of general discounts to eligible policyholders. These commonly include:

• Safe Driver Discount: Rewarding policyholders with a clean driving record and a history of safe driving.
• Multi-Policy Discount: Providing savings for customers who bundle multiple insurance policies, such as auto and home insurance, with TIG.
• Multi-Vehicle Discount: Offering reduced rates for insuring more than one vehicle under the same policy.
• Good Student Discount: Providing cost savings for young drivers who demonstrate academic excellence.
• Defensive Driving Course Discount: Rewarding policyholders who have completed an accredited defensive driving course.

These general discounts can contribute to more affordable insurance coverage, and potential policyholders are encouraged to inquire directly with TIG to explore applicable discounts based on their unique circumstances.

How TIG Insurance Company Ranks Among Providers

TIG Insurance Company, formerly Transamerica Insurance Group, has undergone significant changes and challenges, impacting its standing among insurance providers. Before legal issues and financial setbacks, TIG held a robust “A+” rating from A.M. Best, indicating stability and a superior ability to meet customer obligations.

However, current ratings are scarce, and the company no longer exclusively provides auto insurance coverage. Recent legal challenges, including a substantial $25 million ruling, have added complexity to TIG’s standing. As of now, TIG’s parent company, Fairfax Financial Holding Limited, no longer underwrites for TIG Insurance Co.

This uncertainty emphasizes the importance of exploring alternative providers through a free comparison tool to assess updated ratings and coverage options, ensuring informed decisions in the dynamic landscape of the insurance market.

TIG Insurance Company Ratings

Before TIG Insurance went through a series of lawsuits (including Belt Painting v. TIG Insurance Company) and mergers, it had a strong rating with A.M. Best. TIG Insurance Company had an “A+” rating with A.M. Best, which means the company showed a stable financial outlook and had a superior ability to meet obligations to customers.

Today, TIG has very few ratings. We searched the Better Business Bureau for the company’s profile, but we couldn’t locate anything. Even their parent company’s insurance service, Riverstone Insurance Agency, had little to no ratings.

We did locate some employee reviews. Let’s examine them.

Although TIG Insurance has gone out of business, there were several positive reviews.