Financial Pacific Insurance Company · Rocklin, CA United States
Company Description
Phone: 916-630-5000
Fax: 916-630-3889
Toll Free: 800-371-8067
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This link will open in a new window Through a network of independent agents, Financial Pacific sells custom property/casualty insurance, primarily to rural Californian small and midsized businesses. The company's customers include contractors, commercial property owners, light industrial companies, and a range of service-oriented businesses and wholesalers. Financial Pacific also writes surety bonds. The company has strategic partnerships with several insurance companies, including HSB Group (equipment, machinery, and technology insurer). Mercer Insurance Group acquired Financial Pacific for $40 million in cash in 2005. To read the full description, subscribe now.
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Key Financial Pacific Insurance Company Financials
| Company Type | Subsidiary Single Location |
| Fiscal Year-End | December |
| Employees | 110 |
Financial Pacific Insurance Company Executives
7 executives listed for Financial Pacific Insurance Company's Rocklin, CA location.
| Title | Name & Bio | Contact |
| President and CEO | Andrew Speaker | Network |
| VP and CFO | Artur Terner | Network |
| VP Information Services | Timothy Blaede | Network |
Competition
Competitive Landscape for Financial Pacific 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 Financial Pacific Insurance Company Competitors
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