Colony Insurance Company Virginia is one of the leading providers of excess and surplus lines insurance in the United States.
In this blog post, we will review the company’s history, products, services, financial performance, coverage details, claims process, and customer experiences.
We will also provide some basic information about the company and answer some frequently asked questions.
Colony Insurance Company Overview
In 2001, Argonaut Group acquired Colony Insurance Company and merged it with another subsidiary, Argonaut Specialty, to form Colony Specialty in 2010.
Colony Specialty operates under four insurers: Argonaut Insurance Company, Argonaut Midwest Insurance Company, Colony Insurance Company, and Colony Specialty Insurance Company.
The leadership team also includes Michael Fleischer (President), John Keane (Chief Operating Officer), David Higley (Chief Financial Officer), and Mark Watson (Chief Underwriting Officer).
Colony Specialty had a total revenue of $1.2 billion, a net income of $94.6 million, and a total assets of $3.9 billion.
The company also reported a combined ratio of 97.6%, which indicates a profitable underwriting performance.
Colony Specialty has received financial stability ratings from various rating agencies, such as A.M. Best, Standard & Poor’s, Moody’s, and Fitch.
The company has an A (Excellent) rating from A.M.
Colony Specialty is one of the largest excess and surplus lines insurers in the U.S., with a market share of 4.7% and a rank of 7th among 268 companies in 2019.
The company has over 600 employees and serves more than 2,000 brokers nationwide.
Colony Insurance Company Contact Details
- Phone Number | (804) 560-2000
- Address | 8720 Stony Point Parkway Suite 400 Richmond, VA 23235
- Customer Service Contact | [Contact Us]
- Policy Details | [Policyholder Services]
- Email Address | firstname.lastname@example.org
- Fax Number | (804) 560-2020
- Operating Hours | Monday-Friday: 8:30 AM – 5:00 PM
Colony Insurance Company Services & Products
The company offers a wide range of insurance products for various types of risks and exposures.
Some of the main categories of insurance that the company provides are:
- Casualty: This includes general liability, excess liability, umbrella liability, environmental liability, professional liability, public entity liability, railroad liability, and garage liability.
- Property: This includes commercial property, inland marine, difference in conditions, builders risk, equipment breakdown, and terrorism.
- Energy: This includes onshore energy property and liability for oil and gas operators, contractors, and service providers.
- Transportation: This includes commercial auto liability and physical damage for trucking companies and public auto operators.
- Healthcare: This includes medical professional liability and managed care errors and omissions for physicians, hospitals, clinics, nursing homes, and other healthcare providers.
Colony Insurance Company Financial Details
The premium costs of Colony Specialty’s insurance products vary depending on the type, size, and nature of the risk, the coverage limits and deductibles, the loss history and claims experience, and the underwriting guidelines and rating factors.
The company does not publish its rates online, but it provides online quoting tools for some of its products, such as the Artisan Contractors Program and the Vacant Property Program.
Alternatively, customers can contact a broker or an agent to get a quote for their specific needs.
Colony Specialty offers various payment options for its customers, such as monthly, quarterly, semi-annual, or annual installments.
The company also accepts different payment methods, such as check, money order, credit card, debit card, or electronic funds transfer.
Colony Specialty also offers discounts and promotional offers for its customers, such as:
- Multi-policy discount: This applies when a customer purchases more than one policy from the company.
- Loss control discount: This applies when a customer implements loss prevention or mitigation measures that reduce the likelihood or severity of losses.
- Loyalty discount: This applies when a customer renews their policy with the company for a certain period of time.
Colony Specialty’s claim payout ratio is the percentage of premiums that the company pays out in claims.
According to the company’s annual report for 2020, Colony Specialty had a claim payout ratio of 63.9%, which means that for every $100 of premiums that the company collected, it paid out $63.9 in claims.
This is lower than the industry average of 69.4% for excess and surplus lines insurers in 2019, which indicates that Colony Specialty is more efficient and profitable in managing its claims.
Colony Insurance Company Coverage Details
The policy exclusions of Colony Specialty’s insurance products are the situations or circumstances that are not covered by the policy.
The policy exclusions vary depending on the type and scope of the coverage, but some common examples are:
- Intentional or fraudulent acts by the insured or their representatives
- War, terrorism, nuclear hazards, or government actions
- Pollution or contamination unless caused by a sudden and accidental event
- Contractual liability or obligations assumed by the insured beyond their legal liability
- Bodily injury or property damage to the insured’s own property or employees
The coverage limits vary depending on the type and level of the coverage, but some examples are:
- General liability: The company offers limits ranging from $300,000 to $25 million per occurrence and aggregate
- Excess liability: The company offers limits ranging from $1 million to $25 million per occurrence and aggregate
- Commercial property: The company offers limits up to $50 million per location and $100 million per policy
- Commercial auto: The company offers limits up to $1 million per accident for bodily injury and property damage liability
- Medical professional liability: The company offers limits up to $10 million per claim and aggregate
Colony Insurance Company Customer Experiences
According to Clearsurance, Colony Insurance Company Virginia has a 0 star rating with 0 reviews.
This means that there are no customers who have shared their feedback about the company on this platform.
This could indicate a lack of awareness or engagement among the customers of the company.
According to Birdeye, Colony Insurance Company Virginia has a 2.4 star rating with 25 reviews.
This means that the company has received mixed feedback from its customers, with some positive and some negative comments.
Some of the positive reviews praise the company for its professionalism, responsiveness, and helpfulness.
Colony Insurance Company Complaints and Resolutions
No insurance company is perfect, and sometimes customers may encounter problems or issues with their policies, claims, or customer service.
In such cases, it is important to know how the company handles complaints and resolves disputes.
According to the National Association of Insurance Commissioners (NAIC), Colony Insurance Company Virginia had a complaint ratio of 0.00 in 2020.
This means that the company received no complaints from its customers in relation to its market share. This could indicate a high level of customer satisfaction or a low level of customer engagement.
According to the Better Business Bureau (BBB), Colony Insurance Company Virginia is not accredited by the BBB and has an F rating with 1 complaint closed in the last 3 years.
The complaint was related to a billing or collection issue, and it was resolved by the company.
Q: What types of insurance does Colony Insurance Company Virginia offer?
A: Colony Insurance Company Virginia offers excess and surplus lines insurance for commercial risks that are hard to place in the standard market.
These include general liability, property, professional liability, environmental liability, transportation liability, garage liability, inland marine, excess casualty, umbrella liability, workers’ compensation, cyber liability.
Q: How can I get a quote from Colony Insurance Company Virginia?
A: To get a quote from Colony Insurance Company Virginia, you need to contact an independent agent or broker who represents the company in your area.
You can find an agent or broker near you by using the Find an Agent tool on the company’s website.
Q: How can I make a payment to Colony Insurance Company Virginia?
A: To make a payment to Colony Insurance Company Virginia, you can use one of the following methods:
- Online: You can pay online by using the Online Payment Portal on the company’s website. You will need your policy number and your zip code to access the portal. You can pay by credit card or electronic check.
- Phone: You can call the company’s customer service at (804) 560-2000 and pay by credit card or electronic check. You will need your policy number and your zip code to make the payment.
Q: How can I file a claim with Colony Insurance Company Virginia?
A: To file a claim with Colony Insurance Company Virginia, you can use one of the following methods:
- Online: You can file a claim online by using the Report a Claim tool on the company’s website. You will need to provide some basic information about yourself, your policy, and your loss.
- Email: You can email your claim information to email@example.com. You will need to include your name, policy number, date of loss, type of loss, contact information, and any supporting documents or photos that you have.
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