Lititz Mutual Insurance Company · Lititz, PA United States
Company Description
Phone: 717-626-4751
Fax: 717-626-0970
Toll Free: 800-626-4751
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This link will open in a new window Lititz Mutual provides a variety of individual and commercial property/casualty insurance products, primarily in the heart of Pennsylvania Dutch country, but also in surrounding states. Its offerings include businessowners, farmowners, personal umbrella, and homeowners' insurance. A network of independent agents sell the company's products. Along with Livingston Mutual Insurance, Farmers & Mechanics Mutual Insurance, and Penn Charter Mutual, the firm is a member of the Lititz Mutual Group. Lititz Mutual was founded by area residents as The Agricultural Mutual Fire Company of Lancaster County in 1888. To read the full description, subscribe now.
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Key Lititz Mutual Insurance Company Financials
| Company Type | Private - Mutual Company Single Location |
| Fiscal Year-End | December |
| Annual Sales (mil.) | $70.0 |
| Employees | 70 |
Lititz Mutual Insurance Company Executives
4 executives listed for Lititz Mutual Insurance Company's Lititz, PA location.
| Title | Name & Bio | Contact |
| President and CEO | Henry Gibbel | Network |
| VP, CFO, and Treasurer | Glenn Shelly | Network |
| VP Information Systems | Lydia Stephan | Network |
Competition
Competitive Landscape for Lititz 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 Lititz Mutual Insurance Company Competitors
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