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

Embark the Transamerica Insurance Group, shedding light on the company's history, financial challenges, and recent developments, providing valuable insights for those seeking insurance coverage in an ever-evolving market.

UPDATED: Feb 23, 2024Fact Checked

Michelle Robbins

Licensed Insurance Agent

Michelle Robbins has been a licensed insurance agent for over 13 years. Her career began in the real estate industry, supporting local realtors with Title Insurance. After several years, Michelle shifted to real estate home warranty insurance, where she managed a territory of over 100 miles of real estate professionals. Later, Agent Robbins obtained more licensing and experience serving families a...

Licensed Insurance Agent

Brad Larson

Licensed Insurance Agent

Brad Larson has been in the insurance industry for over 16 years. He specializes in helping clients navigate the claims process, with a particular emphasis on coverage analysis. He received his bachelor’s degree from the University of Utah in Political Science. He also holds an Associate in Claims (AIC) and Associate in General Insurance (AINS) designations, as well as a Utah Property and Casual...

Licensed Insurance Agent

UPDATED: Feb 23, 2024

Advertiser Disclosure

It’s all about you. We want to help you make the right coverage choices.

Advertiser Disclosure: We strive to help you make confident insurance decisions. Comparison shopping should be easy. We are not affiliated with any one insurance provider and cannot guarantee quotes from any single provider.

Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different insurance providers please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.

Editorial Guidelines: We are a free online resource for anyone interested in learning more about auto insurance. Our goal is to be an objective, third-party resource for everything auto insurance related. We update our site regularly, and all content is reviewed by auto insurance experts.

UPDATED: Feb 23, 2024

Advertiser Disclosure

It’s all about you. We want to help you make the right coverage choices.

Advertiser Disclosure: We strive to help you make confident insurance decisions. Comparison shopping should be easy. We are not affiliated with any one insurance provider and cannot guarantee quotes from any single provider.

Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different insurance providers please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.

UPDATED: Feb 23, 2024Fact Checked
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TIG Insurance Company

Average monthly rate for good drivers:

N/A

A.M. Best rating:

A+

Complaint level:

Low

Pros

  • TIG Insurance Company had a strong financial rating in the past.
  • TIG Insurance had a wide range of insurance products and subsidiaries.
  • The parent company, Fairfax Financial Holding Limited, provides insurance coverage options.
  • TIG Insurance may still offer coverage for businesses and current customers.
  • The company has a long history in the insurance industry.

Cons

  • TIG Insurance Company’s current financial stability is uncertain.
  • It’s unclear if the company is still providing auto insurance coverage.
  • TIG Insurance Company rates cannot be found online.
  • Limited information is available on how to obtain policies with the company.
  • Consumers may need to go through other Fairfax subsidiaries for insurance coverage.

Final Verdict: Review of TIG Insurance Company

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.

[su_box title="The Lowdown" style="default"]
  • Transamerica Insurance Group (TIG) Specialty Insurance merged with Clearwater Insurance Company on September 30, 2016.
  • Fairfax, TIG's parent company, provides customer service through communication with its shareholders and policyholders.
  • Fairfax no longer underwrites under the TIG name.
[/su_box] Interested in TIG Insurance Company car insurance company? Our TIG Insurance review is one of the most extensive reviews on the internet. Pennsylvania (PA) TIG insurance group has been through a few lawsuits, but do they still provide auto insurance coverage or other insurance services, and is it possible to get affordable TIG Insurance Comapny car insurance? Before TIG Insurance went through lawsuits and mergers, it had a strong rating with A.M. Best. Today, it has few ratings and you cannot find TIG Insurance Company car insurance rates online, so deciding if TIG insurance company car insurance is for you could prove difficult. Continue reading our TIG Insurance Company review to learn more about the organization. If you want to compare auto insurance quotes in your local area, enter your ZIP code in the FREE quote tool above.

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.

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TIG Insurance Company Insurance Rates Breakdown

Driver ProfileTransamerica Insurance Group (TIG)National Average
Clean Record$63$119
1+ Ticket$100$147
1+ Accident$133$173
DUI$158$209
Poor Credit$108$205

*monthly rates are based on an average of minimum and full coverage for a 45-year-old male driver


TIG Insurance Company Discounts Available

DiscountsTransamerica Insurance Group (TIG)
Anti Theft12%
Good Student20%
Low Mileage15%
Paperless11%
Safe Driver21%
Senior Driver14%

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.

TIG Insurance Employee Reviews

Employee Review Agency Star Rating
Glassdoor 2.3
Indeed 4.3

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

Frequently Asked Questions

Can I get exclusive auto insurance from TIG?

No, TIG no longer provides exclusive auto insurance; explore other options.

How has TIG evolved, and what challenges has it faced?

Founded in 1911, TIG underwent changes and financial challenges; Fairfax no longer underwrites for TIG.

What were TIG’s financial and legal issues?

TIG faced $203 million in Net Income loss, a $25 million ruling for an Exxon Mobil claim, and other legal challenges.

Are there alternatives to TIG Insurance?

Yes, explore other affordable options using a free comparison tool for quotes from different providers.

What happened to TIG’s A.M. Best rating, and does it affect its current standing?

Before legal challenges, TIG had an “A+” rating; however, its current ratings are limited. Check alternative providers for updated ratings and coverage options.

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Michelle Robbins

Licensed Insurance Agent

Michelle Robbins has been a licensed insurance agent for over 13 years. Her career began in the real estate industry, supporting local realtors with Title Insurance. After several years, Michelle shifted to real estate home warranty insurance, where she managed a territory of over 100 miles of real estate professionals. Later, Agent Robbins obtained more licensing and experience serving families a...

Licensed Insurance Agent

Brad Larson

Licensed Insurance Agent

Brad Larson has been in the insurance industry for over 16 years. He specializes in helping clients navigate the claims process, with a particular emphasis on coverage analysis. He received his bachelor’s degree from the University of Utah in Political Science. He also holds an Associate in Claims (AIC) and Associate in General Insurance (AINS) designations, as well as a Utah Property and Casual...

Licensed Insurance Agent

Editorial Guidelines: We are a free online resource for anyone interested in learning more about auto insurance. Our goal is to be an objective, third-party resource for everything auto insurance related. We update our site regularly, and all content is reviewed by auto insurance experts.

Free Insurance Providers Comparison

Compare Insurance Providers Rates to Save Up to 75%

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