American Hardware Mutual Insurance Company · Minnetonka, MN United States
Company Description
Phone:
Fax: 800-841-5339
Toll Free: 800-841-5339
View American Hardware Mutual Insurance Company Locations On A US Map
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This link will open in a new window American Hardware Mutual Insurance knows the nuts and bolts of commercial property/casualty insurance, including auto, liability, specialty lines, and workers' compensation. The company caters to small and midsized businesses, selling through employed sales representatives in 35 states, primarily in the western, midwestern, and northeastern US. American Hardware Mutual was founded in 1899 to protect hardware dealers from fire losses; it still provides specialized coverage for hardware stores, as well as for farm machinery dealers, car and boat dealers, repair shops, and several other niche businesses. American Hardware Mutual became an affiliate of The Motorists Insurance Group in 1993. To read the full description, subscribe now.
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Key American Hardware Mutual Insurance Company Financials
| Company Type | Subsidiary Headquarters |
| Fiscal Year-End | December |
| Annual Sales (mil.) | $115.3 |
| Employees | 450 |
American Hardware Mutual Insurance Company Executives
2 executives listed for American Hardware Mutual Insurance Company's Minnetonka, MN location.
| Title | Name & Bio | Contact |
| President | John Bishop | Network |
| SVP Operations | David Lemon | Network |
Competition
Competitive Landscape for American Hardware Mutual 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 American Hardware Mutual Insurance Company Competitors
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