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21st Century Insurance Group Begins N.J. Operations
New Jersey Banking and Insurance Commissioner Steven M. Goldman announced Thursday, October 12 that 21st Century Insurance Group is the latest addition to the state's automobile insurance market.
Since 1998 21st Century has engaged in a program of expansion that has carried its operations into ten states. Just this year alone, 21st Century has set up shop in Pennsylvania, Florida, and Georgia. The company, originally founded in 1958, now does business in a total of thirteen states with plans to continue expanding in the future.
Commissioner Goldman said, "The entry of 21st Century Insurance into the New Jersey market certainly is good news for the industry, and good news for consumers. It's a clear indication that consumers continue to benefit from increased competition, and demonstrates that we continue to make progress toward our goal of a stable, sustainable automobile insurance market."
According to details released from Goldman's office, 21st Century, based out of Woodland Hill s, California, has been officially authorized to issue automobile insurance policies for private passenger vehicles in the state since October 8.
In 2003 the state of New Jersey enacted a series of insurance reforms that has resulted in a tremendous increase in the number of insured vehicles traveling on the state's roads. At the same time, however, the premiums paid by these private motorists have declined, according to statistics kept by the Banking and Insurance Department.
According to the 21st Century Insurance company website at 21st.com, policyholders average a savings of $300 a year based on information conducted in a company sponsored survey.
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