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Clarendon National Insurance Company

The New Jersey based Clarendon National Insurance Company is one of four groups that are owned by the Clarendon Insurance Group, a wholly owned subsidiary of Hannover Re, a property, casualty, life, health, financial, and finite risk reinsurance company based in Germany.

As part of its business model, Clarendon emphasizes five main functions including:

• Financial and accounting
• Legal and compliance
• Claims
• IT
• Underwriting.

Instead of contracting these services out like most major insurance companies do, they handle these functions themselves and in turn, they are able to offer clients superior service.

Clarendon is a recognized leader in program business in the insurance industry and prides itself on using state of the art technology. Under a business reorganization that took place in March 2006, Clarendon's claim to fame is specialty insurance. Specialty insurance refers to underwriting similar risks in the insurance market and focuses on niche insurance programs – specialty insurance lines for specific customers such as art collections, health insurance for pets, liabilities for golf courses, and jewelry businesses.

Specialty insurance is a concept that was developed and is in widespread use here in the United States. Hannover Re's goal is to introduce the concept of specialty insurance in Europe where it will offer a new business capability. Clarendon operates using Managing General Agents (MGA), whose responsibilities include underwriting, issuing insurance policies, handling and processing of claims, and other administrative tasks.

In some states, Clarendon National Insurance Company underwrites short-term health insurance. Short-term health insurance is used as temporary health insurance for individuals who are between jobs, looking for an alternative to COBRA, recent college graduates, or small businesses. They also underwrite health insurance policies for students at universities. Clarendon National Insurance Company is one of the largest and most financially stable insurance companies in the world and is rated A.M. Best Rating: "A-" (Excellent).

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