Essex Insurance Company, Inc. · Glen Allen, VA United States
Company Description
Phone: 804-273-1400
Fax: 804-273-1435
Toll Free: 800-963-7739
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This link will open in a new window Essex Insurance, doing business as Markel Essex, offers excess and surplus insurance -- which isn't the stuff left lying around, it's the insurance coverage companies seek when three other insurers have already turned them down. A subsidiary of specialty insurance provider Markel Corporation , Markel Essex provides coverage for light-to-medium loss exposures typically avoided by standard property/casualty insurers. Offerings include coverage on such niches as short-line railroad, driving schools, logging trucks, and daycares. Its basic products include product liability, truck physical damage, inland and ocean marine, and motor-truck cargo insurance. Some 400 general agents and brokers market its products. To read the full description, subscribe now.
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Key Essex Insurance Company, Inc. Financials
| Company Type | Subsidiary Headquarters |
| Fiscal Year-End | December |
| Annual Sales (mil.) | $331.8 |
| Employees | 340 |
Essex Insurance Company, Inc. Executives
29 executives listed for Essex Insurance Company, Inc.'s Glen Allen, VA location.
| Title | Name & Bio | Contact |
| President | Brad Dickler | Network |
| SVP, Accounting | Jill Goldfine | Network |
| SVP Casualty | Joe Hucker | Network |
Competition
Competitive Landscape for Essex Insurance Company, Inc.
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 Essex Insurance Company, Inc. Competitors
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