Safeway Insurance Company · Westmont, IL United States
Company Description
Phone: 630-887-8300
Fax: 630-887-9101
Toll Free: 800-273-0300
More Companies in: Westmont, Illinois
More Companies in These Related Industries: Surety Insurance
View Safeway Insurance Company Locations On A US Map
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This link will open in a new window Safeway Insurance can help when things -- particularly cars and trucks -- go bump in the night (or day). Through about a half dozen subsidiaries, the group provides automobile insurance coverage, primarily in the South. The company specializes in nonstandard policies (insurance written for drivers that are considered higher claims risks). Through some 500 in-house representatives and a network of 2,000 independent agents, Safeway insures more than 250,000 policyholders. Safeway Insurance has offices in Alabama, Arizona, California, Florida (as Safeway Property Insurance), Georgia, Illinois, Louisiana, Mississippi, and Texas. President William Parrillo founded the company in 1962. To read the full description, subscribe now.
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Key Safeway Insurance Company Financials
| Company Type | Private Headquarters |
| Fiscal Year-End | December |
| Employees | 470 |
Safeway Insurance Company Executives
4 executives listed for Safeway Insurance Company's Westmont, IL location.
| Title | Name & Bio | Contact |
| Chairman and President | William Parrillo | |
| CEO | Robert Bordeman | |
| CFO | Louis Skender |
Competition
Competitive Landscape for Safeway 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 Safeway Insurance Company Competitors
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