NOVA Casualty Company · Buffalo, NY United States
Company Description
Phone: 716-856-3722
Fax: 716-855-1240
Toll Free: 800-289-3742
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This link will open in a new window NOVA Casualty provides commercial property/casualty insurance, including property, liability, and surety bonds. The company offers specialty programs for small business owners, including artisan contractors, restaurants, and others. It also sells motorcycle policies and a hospitality program, which includes property, liability, auto, and umbrella coverage for owners of hotels, motels, and other lodging establishments. NOVA Casualty operates in about a dozen states and is licensed in more than 35 states. Its products are sold by about 1,000 independent agents. Holding company NOVA American Group owns NOVA Casualty, which was founded in 1979 by former CEO Norman Ernst, Jr. To read the full description, subscribe now.
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Key NOVA Casualty Company Financials
| Company Type | Private Headquarters |
| Fiscal Year-End | December |
| Annual Sales (mil.) | $66.1 |
| Employees | 50 |
NOVA Casualty Company Executives
5 executives listed for NOVA Casualty Company's Buffalo, NY location.
| Title | Name & Bio | Contact |
| President and CEO | Stephen Mulready | Network |
| SVP and COO | Craig Rappaport | Network |
| SVP and CFO | Christopher Hoover | Network |
Competition
Competitive Landscape for NOVA Casualty 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 NOVA Casualty Company Competitors
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