Home Insurance Company stock certificate 1946 (New York)
Interesting insurance piece. Nice triple vignette on this older style cert. Various classical female figures flank the US shield in the top vignette. Early home scene at the bottom left and a fireman at the bottom right. Perforations as shown in pictures. Issued and cancelled. Dated 1946
The Home Insurance Company was the 23rd-largest property and casualty company in the United States. Home provided virtually all lines of insurance, with the bulk of its business being industrial property insurance and liability for large accounts. The company had undergone numerous changes over the course of its history, and contributed significantly to the face of modern property and casualty insurance.
When Home was founded in 1853 insurance was very different from what it is today. Property owners purchased insurance to hedge the risk of loss. Claims were not expected to cover more than the value of the lost property, and sometimes covered less. Only a few types of insurance were available, and insurance companies were generally limited in the types of coverage they could offer. Indeed, many merchants had trouble getting enough protection for their property. To help solve this problem, a group of New York City merchants established The Home Insurance Company.
In the State of New York, Home wrote workers compensation, general, professional and environmental liability, private passenger and commercial auto as well as surety bonds.
In May 1989 The Home Group changed its name to AmBase Corporation. The company organized its subsidiaries into three groups: insurance, consisting of The Home Insurance Company and its subsidiaries, Commonwealth Insurance Company--Home's Canadian affiliate--and U.S. International Reinsurance; banking, made up of Carteret Bancorp, Imperial Premium Finance, and Carteret Mortgage; and investment services, built around Gruntal Financial Corporation and Home Capital Services. In February 1991 Home Insurance was purchased by TVH Acquisiton Corporation, an investor group whose principal partners include Trugg-Hansa Holding AB--Sweden's second-largest insurer--and Industrial Mutual Insurance--Finland's second-largest insurer.
The Home Insurance Company was a property and casualty insurer domiciled in the State of New Hampshire, and licensed to write property and casualty insurance in the State of New York. The State of New Hampshire Insurance Department, by order of the Superior Court of Merrimack County of the State of New Hampshire, placed the company in liquidation on June 13, 2003. The New York Superintendent of Insurance was appointed Ancillary Receiver on September 24, 2003, by order of the Supreme Court of the State of New York.