Hartford Property and Casualty · Hartford, CT United States
Company Description
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This link will open in a new window Hartford Property and Casualty provides, well, property and casualty insurance to businesses and individuals in the US. Its customers include small, midsized, and large companies with basic property/casualty coverage, as well as directors and officers liability, errors and omission liability, and fidelity and surety bonds. It also offers coverage for livestock and crops, home businesses, workplace safety and loss control, third-party administration, and Risk Management Information Services (RMIS). The company's personal lines provide standard auto and homeowners insurance. Hartford Property and Casualty is a division of The Hartford Financial Services Group , which includes Hartford Life . To read the full description, subscribe now.
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Key Hartford Property and Casualty Financials
| Company Type | Business Segment Headquarters |
| Fiscal Year-End | December |
| Employees | 635 |
Hartford Property and Casualty Executives
3 executives listed for Hartford Property and Casualty's Hartford, CT location.
| Title | Name & Bio | Contact |
| President and COO | Juan Andrade | Network |
| EVP, Field Sales and Service | Dana Drago | Network |
| EVP Property and Casualty Sales and Distribution | Michael Concannon | Network |
Competition
Competitive Landscape for Hartford Property and Casualty
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 Hartford Property and Casualty Competitors
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