First Central Insurance Company was incorporated under the laws of New York State on November 30, 1978, with the title Central State Insurance Company and began business on May 22, 1979. It adopted the name First Central Insurance Company on March 26, 1984.
All outstanding stock of the company was owned by the First Central Financial Corporation (FCFC). FCFC was a publicly traded holding company that was primarily engaged in property and casualty insurance through its subsidiary, First Central Insurance Company.
First Central Insurance Company was placed into rehabilitation on January 28, 1998, by the New York Department of Insurance. The company ceased writing new business on March 10, 1997. First Central Insurance Company specialized in writing Commercial Insurance coverage for small to medium-size business in the urban areas of New York. The coverage included business owners, commercial multiple peril, general liability, workers' compensation and automobile lines. The company also offered specialty programs, which included directors and officers' liability insurance for cooperatives and condominiums and "alternative" business owners' policies. First Central's business was distributed and marketed through about 45 general agencies, a majority of which are common stockholders of its parent company, First Central Financial Corporation (FCFC).
First Central was authorized to transact business is the states of Connecticut, Delaware, Maryland, New York and Pennsylvania.