New Jersey Manufacturers Insurance Company · West Trenton, NJ United States
Company Description
Phone: 609-883-1300
Fax: 609-883-4835
Toll Free: 800-232-6600
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This link will open in a new window New Jersey Manufacturers Insurance Company (NJM) and its subsidiaries (including New Jersey Re-Insurance, New Jersey Casualty Insurance and New Jersey Indemnity Insurance) offer a variety of property/casualty insurance products, including personal automobile and homeowners insurance, primarily in New Jersey (and, to a lesser extent, in neighboring Pennsylvania); it also provides flood insurance through a FEMA program. Additionally, NJM writes policies for commercial automobile and workers' compensation coverage in New Jersey. Its NJM Bank subsidiary provides checking accounts and savings accounts, as well as loans and investment products, to individuals and businesses in the Garden State. To read the full description, subscribe now.
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Key New Jersey Manufacturers Insurance Company Financials
| Company Type | Private Headquarters |
| Fiscal Year-End | December |
| Annual Sales (mil.) | $1,204.8 |
| Employees | 2,400 |
New Jersey Manufacturers Insurance Company Executives
21 executives listed for New Jersey Manufacturers Insurance Company's West Trenton, NJ location.
| Title | Name & Bio | Contact |
| Chairman | Anthony Stonis | Network |
| President and CEO | Bernard Flynn | Network |
| SVP, Head Human Resources, and Director, President and CEO, NJM Bank | Leo Bellarmino | Network |
Competition
Competitive Landscape for New Jersey Manufacturers 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 New Jersey Manufacturers Insurance Company Competitors
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