PEMCO Mutual Insurance Company · Seattle, WA United States
Company Description
Phone: 206-628-4000
Fax: 206-268-2735
Toll Free: 800-467-3626
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This link will open in a new window PEMCO Mutual Insurance wants to keep you from being sleepless in Seattle (or anywhere else in Washington State) by insuring your car, boat, home, and even your life. Through its own sales offices and a network of independent agents, the company sells policies that cover basic property damage and liability, as well as umbrella coverage. PEMCO sells whole and term life insurance through its PEMCO Life Insurance Company subsidiary. Established in 1949, the firm is one of seven affilliated companies in a holding company group that, along with one allied company (Washington School Employees Credit Union) pool some of their marketing, purchasing, and other business functions. To read the full description, subscribe now.
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Key PEMCO Mutual Insurance Company Financials
| Company Type | Private - Mutual Company Headquarters |
| Fiscal Year-End | December |
| Annual Sales (mil.) | $232.5 |
| Employees | 1,150 |
PEMCO Mutual Insurance Company Executives
18 executives listed for PEMCO Mutual Insurance Company's Seattle, WA location.
| Title | Name & Bio | Contact |
| Chairman and CEO | Stanley McNaughton | Network |
| VP and Chief Marketing Officer | Rod Brooks | Network |
| Chief of Research | Richard Shay | Network |
Competition
Competitive Landscape for PEMCO Mutual 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 PEMCO Mutual Insurance Company Competitors
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