Gore Mutual Insurance Company · Cambridge, ON Canada
Company Description
Phone: +1-519-623-1910
Fax: +1-800-601-9773
Toll Free: +1-800-265-8600
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This link will open in a new window Gore Mutual Insurance Company was serving Canadians before there was a Canada. Founded in the 1830s and one of the oldest continually operating businesses of its kind in the country, Gore Mutual, or "The Gore" as it's known, provides property and casualty insurance to residents of Ontario and British Columbia. (By Canadians for Canadians is the company's tagline.) Coverage is offered for automobiles, homes, businesses, and more. The Gore doesn't sell its insurance products itself; rather, they are sold solely by independent insurance brokers. The company also funds the Gore Mutual charitable foundation to provide support to local communities. To read the full description, subscribe now.
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Key Gore Mutual Insurance Company Financials
| Company Type | Private - Mutual Company Headquarters |
| Fiscal Year-End | December |
| Annual Sales (mil.) | $109.7 |
| Employees | 210 |
Gore Mutual Insurance Company Executives
3 executives listed for Gore Mutual Insurance Company's Cambridge, ON location.
| Title | Name & Bio | Contact |
| President and CEO | Kevin McNeil | Network |
| CFO | Lorne Motton | Network |
| VP Human Resources | Ross MacMaster | Network |
Competition
Competitive Landscape for Gore 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 Gore Mutual Insurance Company Competitors
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