Proformance Insurance

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Jeffrey Johnson is a legal writer with a focus on personal injury. He has worked on personal injury and sovereign immunity litigation in addition to experience in family, estate, and criminal law. He earned a J.D. from the University of Baltimore and has worked in legal offices and non-profits in Maryland, Texas, and North Carolina. He has also earned an MFA in screenwriting from Chapman Univer...

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UPDATED: Aug 20, 2020

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Company Details
Address: 4 Paragon Way
City: Freehold
State: NJ
ZIP Code: 07728
Phone Number: 732-665-1100
AM Best Rating: 11674
Lines of Insurance: auto, home
States Licensed To Sell Insurance In: NJ
Type of Insurance Company: Property and Casualty
Parent Company: National Atlantic Holdings Corporation
Top executive Contact: James V. Gorman
Title of Top executive: CEO
Ticker Symbol: NAHC
Assets & Premiums: Proformance had total admitted statutory assets at the end of 2006 of $399 million and direct premiums written during 2006 of $171 million.
Company Rating 2 (1 review)

Company Overview:


Company History: The Proformance Insurance Company writes personal and commercial lines coverage exclusively in New Jersey. Proformance is the insurance company operation (providing personal and commercial lines of property and casualty insurance) of National Atlantic which also offers insurance related services such as claims administration for self-insured corporations. Proformance Insurance Company is a wholly owned subsidiary of National Atlantic Holdings Corporation, a publicly traded corporation, with business marketed exclusively through independent agencies it calls Partner Agents who are required to become shareholders in National Atlantic Holdings Corporation in order to represent the Company as an agent. Partner agents are ones who have purchased a minimum of $50,000 of National Atlantic common stock. Partner agents get special automated tools and the ability to perform some underwriting and claims processing for additional compensation as well as the opportunity to participate in a contingent commission program. Partner agents are also writing business for other companies. National Atlantic believes its partner agents write about $2.9 billion of New Jersey property and casualty premiums per year for all the companies they represent. About $1.9 billion of that is from commercial lines. National Atlantic sees potential for increasing its share of this business. National Atlantic’s direct written premiums for 2005 totaled $198 million. The primary insurance product offered to personal insurance customers is called the High Proformance Policy which provides a package of insurance products for the customer’s private passenger automobile, homeowners, and personal excess (\”umbrella\”) and specialty property liability coverage. For businesses, a range of commercial insurance products, are offered including commercial property, commercial general liability, and business auto. In addition to Proformance, the insurance company operation, National Atlantic also offers insurance related services such as claims administration for self-insured corporations and medical cost containment services as well as services to orphan policyholders acquired as part of its replacement carrier transactions. Proformance was formed as 1994 as a result of a group of leading New Jersey independent insurance agencies becoming concerned about the lack of availability of quality insurance coverage for their personal insurance clients. In 2004, Proformance was the 13th largest private passenger automobile insurer in New Jersey. Proformance covers private passenger auto, homeowners’ insurance, personal excess liability, personal specialty property insurance, furs, fine arts, cameras, electronic data processing equipments, yachts, and other high value items personal items. Proformance commercial lines coverages include commercial automobile liability and physical damage for small to medium size mainstreet policyholders. In 2005, commercial auto comprised 10.5% of direct written premiums. A strategic goal is to increase its market penetration of the mainstreet commercial market which is largely served by independent agents.National Atlantic increased its capital contribution to Proformance in 2005 and 2006 as a result of its initial public offering of stock. Also, Proformance had transactions with several other insurance including Met Life Auto & Home, Ohio Casualty, and the Hartford that involved transfers of policies between companies and infusions of capital to Proformance.In August of 2007, National Atlantic reached an agreement in principle with a Texas insurance company to jointly market car insurance to standard and preferred market segments using the Internet. National Atlantic has 269 employees.
Principle Sales Methods: Proformance Insurance Company is a wholly owned subsidiary of National Atlantic Holdings Corporation, a publicly traded corporation, with business marketed exclusively through independent agencies it calls Partner Agents who are required to become shareholders in National Atlantic Holdings Corporation in order to represent the Company as an agent. Partner agents are ones who have purchased a minimum of $50,000 of National Atlantic common stock. Partner agents get special automated tools and the ability to perform some underwriting and claims processing for additional compensation as well as the opportunity to participate in a contingent commission program. Partner agents are also writing business for other companies. National Atlantic believes its partner agents write about $2.9 billion of New Jersey property and casualty premiums per year for all the companies they represent. About $1.9 billion of that is from commercial lines. National Atlantic sees potential for increasing its share of this business. National Atlantic’s direct written premiums for 2005 totaled $198 million. The primary insurance product offered to personal insurance customers is called the High Proformance Policy which provides a package of insurance products for the customer’s private passenger automobile, homeowners, and personal excess (\”umbrella\”) and specialty property liability coverage. For businesses, a range of commercial insurance products, are offered including commercial property, commercial general liability, and business auto. In addition to Proformance, the insurance company operation, National Atlantic also offers insurance related services such as claims administration for self-insured corporations and medical cost containment services as well as services to orphan policyholders acquired as part of its replacement carrier transactions. In August of 2007, National Atlantic reached an agreement in principle with a Texas insurance company to jointly market car insurance to standard and preferred market segments using the Internet.

Auto Business: The primary insurance product offered to personal insurance customers is called the High Proformance Policy which provides a package of insurance products for the customer’s private passenger automobile, homeowners, and personal excess (\”umbrella\”) and specialty property liability coverage. For businesses, a range of commercial insurance products, are offered including commercial property, commercial general liability, and business auto. In addition to Proformance, the insurance company operation, National Atlantic also offers insurance related services such as claims administration for self-insured corporations and medical cost containment services as well as services to orphan policyholders acquired as part of its replacement carrier transactions. Proformance was formed as 1994 as a result of a group of leading New Jersey independent insurance agencies becoming concerned about the lack of availability of quality insurance coverage for their personal insurance clients. In 2004, Proformance was the 13th largest private passenger automobile insurer in New Jersey. Proformance covers private passenger auto, homeowners’ insurance, personal excess liability, personal specialty property insurance, furs, fine arts, cameras, electronic data processing equipments, yachts, and other high value items personal items. Proformance commercial lines coverages include commercial automobile liability and physical damage for small to medium size mainstreet policyholders. In 2005, commercial auto comprised 10.5% of direct written premiums. A strategic goal is to increase its market penetration of the mainstreet commercial market which is largely served by independent agents.National Atlantic increased its capital contribution to Proformance in 2005 and 2006 as a result of its initial public offering of stock. Also, Proformance had transactions with several other insurance including Met Life Auto & Home, Ohio Casualty, and the Hartford that involved transfers of policies between companies and infusions of capital to Proformance.In August of 2007, National Atlantic reached an agreement in principle with a Texas insurance company to jointly market car insurance to standard and preferred market segments using the Internet. National Atlantic has 269 employees.Private passenger auto insurance accounted for about 42.5% of direct premiums written in 2006, auto physical damage for about 24.7% and homeowners’ insurance 16.9%.
Homeowners Business: The primary insurance product offered to personal insurance customers is called the High Proformance Policy which provides a package of insurance products for the customer’s private passenger automobile, homeowners, and personal excess (\”umbrella\”) and specialty property liability coverage. For businesses, a range of commercial insurance products, are offered including commercial property, commercial general liability, and business auto. In addition to Proformance, the insurance company operation, National Atlantic also offers insurance related services such as claims administration for self-insured corporations and medical cost containment services as well as services to orphan policyholders acquired as part of its replacement carrier transactions. Proformance was formed as 1994 as a result of a group of leading New Jersey independent insurance agencies becoming concerned about the lack of availability of quality insurance coverage for their personal insurance clients. In 2004, Proformance was the 13th largest private passenger automobile insurer in New Jersey. Proformance covers private passenger auto, homeowners’ insurance, personal excess liability, personal specialty property insurance, furs, fine arts, cameras, electronic data processing equipments, yachts, and other high value items personal items. Proformance commercial lines coverages include commercial automobile liability and physical damage for small to medium size mainstreet policyholders. In 2005, commercial auto comprised 10.5% of direct written premiums. A strategic goal is to increase its market penetration of the mainstreet commercial market which is largely served by independent agents.National Atlantic increased its capital contribution to Proformance in 2005 and 2006 as a result of its initial public offering of stock. Also, Proformance had transactions with several other insurance including Met Life Auto & Home, Ohio Casualty, and the Hartford that involved transfers of policies between companies and infusions of capital to Proformance.In August of 2007, National Atlantic reached an agreement in principle with a Texas insurance company to jointly market car insurance to standard and preferred market segments using the Internet. National Atlantic has 269 employees.Private passenger auto insurance accounted for about 42.5% of direct premiums written in 2006, auto physical damage for about 24.7% and homeowners’ insurance 16.9%.

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  1. Anonymous January 11, 2008

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