A note to us from Ed Fernandez President and CEO of Palisades

Dear Agent:  

The Wall Street crisis has many customers questioning their financial service providers, just how safe are they? As a customer of Palisades, you can be assured that our financial position is strong and has been unaffected by the current crisis. Let me explain why. 

Palisades is a New Jersey company that is owned by our policyholders. We are unlike public insurance companies who have to satisfy Wall Street and their shareholders. At Palisades, the only goal is to serve you our policyholder and owner of the company. That means providing great rates and the very best service for New Jersey drivers. That is our only business, we do not experiment with other financial services and we only offer insurance in the State of New Jersey.  

Palisades has approximately $1.2 billion in investments, mostly government bonds. Palisades has had negligible losses on our investment portfolio over the last several weeks because we are prudent and conservative investors…after all it is your money. We have policyholder surplus of $350 million, meaning assets exceed our liabilities and obligations by that amount. Palisades is the top independent agent auto insurer in New Jersey because we provide great rates and service…but you should also know that our financial position is strong and unaffected by the current crisis. 

It is shocking to see the largest insurance company in the world taken over by the United States Federal Government.  This can happen when an insurance company strays from its core business.  But you can rest assured your business is safe with Palisades, the Nice New Jersey Car Insurance Company.  

Sincerely, 

Ed Fernandez

President and CEO