ProMutual Group, Inc. · Boston, MA United States
Company Description
Phone: 617-330-1755
Fax: 617-330-1748
Toll Free: 800-225-6168
View ProMutual Group, Inc. Locations On A US Map
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This link will open in a new window ProMutual Group, consisting of Medical Professional Mutual Insurance and its ProSelect Insurance subsidiary, offers medical malpractice coverage to physicians, surgeons, dentists, medical groups, and hospitals in the Northeast. It insures some 18,000 health care providers under the brands ProMutual and ProSelect, and it provides risk management seminars and other training and compliance tools that help its clients avoid malpractice claims. A network of independent agents market the company's products in Connecticut, Maine, Massachusetts, New Hampshire, New Jersey, Rhode Island, and Vermont. ProMutual Group was established in 1975. To read the full description, subscribe now.
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Key ProMutual Group, Inc. Financials
| Company Type | Private - Mutual Company Headquarters |
| Fiscal Year-End | December |
| Annual Sales (mil.) | $322.8 |
| Employees | 340 |
ProMutual Group, Inc. Executives
13 executives listed for ProMutual Group, Inc.'s Boston, MA location.
| Title | Name & Bio | Contact |
| Chairman | Barry Manuel | Network |
| President and CEO | Richard Brewer | Network |
| COO | Gregg Hanson | Network |
Competition
Competitive Landscape for ProMutual 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 ProMutual Group, Inc. Competitors
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