High Point Auto Insurance, a leading provider of personal automobile insurance in the State of New Jersey, and Prudential Financial announced the extension of the existing distribution agreement between High Point and Prudential Insurance Agency, Inc., an affiliate of Prudential Financial that manages retail agency sales of High Point individual personal lines property and casualty products by Prudential Agents. The original agreement commenced on November 1, 2003 as part of the Palisades Group’s purchase of Prudential Financial’s New Jersey property and casualty insurance companies. Upon purchase, the Palisades Group renamed the companies the High Point Companies.
Since the sale, High Point has sold its products through an extensive network of over 300 Prudential Agents throughout the State of New Jersey. The contract extension will provide Prudential Agents with continued access to sell High Point products through March 2014.
“Securing continued access to the network of professional Prudential Agents was a top priority of ours,” stated Jim Tignanelli, President of High Point. “We have enjoyed a terrific relationship with the Prudential Agents and look forward to continuing to work with them to grow our business in New Jersey.”
“We’re pleased to extend the distribution agreement that has led to a positive working experience for our agents in New Jersey,” noted John Greene, President, Agency Distribution for Prudential. The parties agreed to enter into renewal talks well before the expiration of the existing agreement. The existing agreement was not set to expire until November 1, 2008.
“We wanted to provide the sales force with a sense of stability and grant them assurances that they would continue to enjoy access to High Point products,” said Tignanelli.
Securing a long-term distribution relationship with Prudential Agents is just part of High Point’s overall strategy to grow its business in New Jersey. Other parts of the growth strategy include:– Introduction of a new auto product later this spring which will lowernew business rates by 10% — New discounts and customer oriented features — Increased funding for agent co-op advertising programs — Investment in overall brand awareness advertising — new TV andoutdoor branding campaign to launch this spring — Increase in sales training and new agent sales technologies
“Our objectives are clear — to grow our business in New Jersey. Providing long-term stability for our Prudential Agent sales force and supporting the other facets of our growth strategy are evidence that High Point is committed to this market and is ready to do what it takes to expand our market share,” concluded Jim Tignanelli.
High Point, a New Jersey-based auto insurer, is committed to providing extraordinary customer service to New Jersey drivers. Insurance underwritten by High Point Preferred Insurance Company, High Point Safety and Insurance Company, and High Point Property and Casualty Insurance Company. www.highpointins.com
Prudential Financial, Inc. (NYSE: PRU), a financial services leader with approximately $616 billion of assets under management as of December 31, 2006, has operations in the United States, Asia, Europe, and Latin America. Leveraging its heritage of life insurance and asset management expertise, Prudential is focused on helping individual and institutional customers grow and protect their wealth. The company’s well-known Rock symbol is an icon of strength, stability, expertise and innovation that has stood the test of time. Prudential’s businesses offer a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds, asset management, and real estate services. Personal Lines products are underwritten and issued by the High Point Companies, 331 Newman Springs Road, Building 3, Red Bank, NJ 07701. The Prudential Insurance Agency, LLC is an authorized distributor of these products and is not an affiliate of the High Point Companies. For more information, please visit www.prudential.com.
Contact: Shannon M. Greevy Communications Specialist High Point Auto Insurance (732) 978-6030 [email protected] Janet Gillespie Director, Communications Prudential Financial 973-802-8012 janet.gill[email protected]
SOURCE: High Point