21st Century Insurance Company · Wilmington, DE United States
Company Description
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This link will open in a new window Cutting out the middleman -- that's how 21st Century Insurance Group grew in the 20th century. The company's primary subsidiaries provide inexpensive auto and personal umbrella insurance for customers by selling directly (including direct-mail, print, and radio advertising) rather than through brokers, which eliminates the cost of agents and commissions. 21st Century Insurance limits sales of its auto policies to preferred-risk applicants (good drivers). The company has historically been most active in California but has been actively expanding into other states, including Texas. American International Group (AIG) sold the company to Zurich Financial Services in 2009. To read the full description, subscribe now.
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Key 21st Century Insurance Company Financials
| Company Type | Subsidiary Headquarters |
| Fiscal Year-End | December |
| Annual Sales (mil.) | $1,375.3 |
| Employees | 2,900 |
21st Century Insurance Company Executives
12 executives listed for 21st Century Insurance Company's Wilmington, DE location.
| Title | Name & Bio | Contact |
| President and CEO | Anthony DeSantis | Network |
| EVP and COO | William Loucks | Network |
| CFO, EVP, and Treasurer | Glenn Pfeil | Network |
Competition
Competitive Landscape for 21st Century Insurance Company
Demand is driven by demographics and commercial transactions. Demand is also driven by legal or financial requirements. Consumers are usually required by states to buy auto insurance and by lenders to buy homeowners insurance, for example. The profitability of individual companies depends on effective marketing and on the ability to accurately estimate future payments. Large companies have big economies of scale in administration and in access to capital, as well as advertising and marketing. Small companies can compete successfully by specializing in particular products or industries. Average annual revenue per worker is around $400,000, so the industry is not labor-intensive. In the late 2000s recession, insurers saw revenues decline sharply when their investment portfolios lost value after the market fell. Insurance carriers rely heavily on their investment portfolios, which is where they invest premiums collected until they are needed to pay claims or benefits. In addition, deregulation of the insurance and financial services industries led to increased risk taking that hurt insurers' credit ratings. Insurance giant AIG was forced to accept $150 billion in government loans to stave off bankruptcy that was brought on by its overexposure to credit default swaps. Federal government bailouts have primarily targeted banks. Aside from AIG, insurance companies have not been as hard hit by the subprime mortgage meltdown. But some insurance companies are seeking relief from state regulators to allow them to operate with less capital. Other insurance companies are buying financial institutions to qualify for federal aid. To read the full description, subscribe now.Top 21st Century Insurance Company Competitors
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