Ohio Mutual Insurance Group · Bucyrus, OH United States
Company Description
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This link will open in a new window While this company knows a thing or two about farms, you don't need to work the land to buy their insurance. Ohio Mutual Insurance Group provides automobile, home, farm, and commercial insurance services to customers throughout Ohio. The company's products include commercial property and liability, equine risk, and multi-peril coverage. Ohio Mutual insures more than 20,000 farms of all sizes across the state. A network of more than 300 independent agents sells the firm's products and services. Originally named the Ohio Mutual Tornado, Cyclone and Windstorm Insurance Association, the company was founded to provide financial protection for farmers in 1901. To read the full description, subscribe now.
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Key Ohio Mutual Insurance Group Financials
| Company Type | Private Headquarters |
| Fiscal Year-End | December |
| Employees | 170 |
Ohio Mutual Insurance Group Executives
10 executives listed for Ohio Mutual Insurance Group's Bucyrus, OH location.
| Title | Name & Bio | Contact |
| Chairman | Thomas Woolley | Network |
| Vice Chairman and Secretary | John Purse | Network |
| President, CEO, and Director | James Kennedy | Network |
Competition
Competitive Landscape for Ohio Mutual Insurance Group
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 Ohio Mutual Insurance Group Competitors
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