Horizon Insurance Company, a New York domiciled company, was a wholly owned subsidiary of the Ambassador Group, Inc., a Delaware holding company based in North Bergen, New Jersey. Ambassador Insurance Company, a Vermont company, was the other subsidiary of the holding company.
Horizon Insurance Company was established to provide an underwriting market for the Group since Ambassador Insurance Company was not licensed in New York. Horizon Insurance Company had a paid-up capital of $100,000. All outstanding capital stock was purchased from the sponsor, Dasco Holding Corporation on January 10, 1980, by the Ambassador Insurance Company and subsequently the Administrative offices were moved from Valley Stream, New York to North Bergen, New Jersey .
Horizon was placed in rehabilitation on November 27, 1984, by the New York Department of Insurance. The company ceased writing new business on March 10, 1997. Horizon Insurance Company specialized in writing Commercial Insurance coverage for small to medium-size business in the urban areas of New York. The coverage included Fire, Commercial Multi Peril, Medical Malpractice, Miscellaneous Liability, Auto Liability, and Auto Physical Damage.
The company was licensed in Arkansas, Florida, Louisiana, New Mexico, New York and Washington.