Mercer Insurance Group, Inc. · Pennington, NJ United States ·(NASDAQ (GM): MIGP)
Company Description
Phone: 609-737-0426
Fax: 609-737-8719
Toll Free: 800-223-0534
View Mercer Insurance Group, Inc. Locations On A US Map
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This link will open in a new window Dating back to 1844, Mercer Insurance Group offers a range of property/casualty insurance policies through subsidiaries such as Mercer Insurance Company, Mercer Insurance Company of New Jersey, Franklin Insurance, and Financial Pacific Insurance . The company focuses on commercial coverage for small to midsized businesses, including multi-peril, surety, and commercial automobile, as well as personal lines (primarily homeowners and auto coverage). Mercer Insurance Group sells its products in seven states - Arizona, California, Nevada, New Jersey, New York, Pennsylvania, and Oregon. Products are marketed through more than 500 independent agents. To read the full description, subscribe now.
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Key Mercer Insurance Group, Inc. Financials
| Company Type | Public - NASDAQ (GM): MIGP Headquarters |
| Fiscal Year-End | December |
| 2008 Sales (mil.) | $161.5 |
| 2008 Employees | 198 |
Mercer Insurance Group, Inc. Executives
15 executives listed for Mercer Insurance Group, Inc.'s Pennington, NJ location.
| Title | Name & Bio | Contact |
| Chairman | Richard Van Noy | Network |
| President, CEO, and Director | Andrew Speaker | Network |
| SVP Finance and CFO | David Merclean | Network |
Competition
Competitive Landscape for Mercer Insurance Group, Inc.
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 Mercer Insurance Group, Inc. Competitors
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