N.Y. Approves 21st Century to Sell Auto Policies

The New York State Insurance Department has approved the application of 21st Century Insurance Group to sell auto insurance in New York.

“Competition helps lower insurance rates for drivers,” New York Acting Superintendent Eric R. Dinallo said. “Aggressive fraud-fighting has already helped New Yorkers save a half billion dollars a year in insurance premiums. Now, the power of the marketplace is adding to the pressure to reduce rates, a move that will benefit New York businesses and consumers.”

21st Century is headquartered in Woodland Hills, Calif. and is a direct-to-consumer provider of personal auto insurance. The company insures more than 1.5 million vehicles in 17 states. A publicly-held company, 21st Century was founded in 1958. It is traded on the New York Stock Exchange and last year had revenues of $1.4-billion.

Source: NYSID