McM Corporation · Raleigh, NC United States
Company Description
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This link will open in a new window McM is the holding company for a handful of specialty property/casualty insurers. Occidental Fire & Casualty Company of North Carolina and Wilshire Insurance Company offer non-standard personal auto insurance and commercial vehicle coverage to the trucking industry, including cargo, liability, and physical damage coverages. Acceptance Casualty and Acceptance Indemnity provide commercial auto and a smattering of specialty liability products. Its products are sold through a network of independent agents in about 20 states. McM and its sister companies Harco National Insurance and Transguard Insurance are held by Bermuda-based IAT Reinsurance. To read the full description, subscribe now.
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Key McM Corporation Financials
| Company Type | Private Headquarters |
| Fiscal Year-End | December |
| Employees | 172 |
McM Corporation Executives
5 executives listed for McM Corporation's Raleigh, NC location.
| Title | Name & Bio | Contact |
| Chairman | George King | Network |
| President, CEO, and COO | Stephen Stephano | Network |
| VP and CFO | Kevin Hamm | Network |
Competition
Competitive Landscape for McM Corporation
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 McM Corporation Competitors
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