21st Century Insurance Given Improved Rating
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21st Century Insurance Co. in Woodland Hills has been upgraded to an A+ rating by A.M. Best, the world’s oldest authoritative insurance rating and information source.
The new A+ (Superior) rating represents Best’s recognition of 21st Century’s improvement since the 1994 Northridge earthquake, which forced the company to liquidate $500 million of its investment portfolio. The company paid more than $1.1 billion in earthquake-related claims
The company faced more than 100 lawsuits in 1997 after it refused to pay more than 2,000 quake claims due to its controversial interpretation of a one-year time limit to file a claim. At present, 50 claims remain unsettled.
21st Century sells automobile insurance directly to consumers in California, Arizona, Nevada, Oregon and Washington, and homeowners insurance in California.
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