SeaBright Insurance Holdings, Inc. · Seattle, WA United States ·(NYSE: SBX)
Company Description
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This link will open in a new window SeaBright Insurance Holdings makes smooth sailing of the choppy waters of workers' compensation. Through its SeaBright Insurance subsidiary, it provides a variety of specialty workers' compensation insurance to companies in niche industries, including maritime and construction. The firm also offers coverage to employers that participate in collectively bargained workers' compensation agreements, as well as traditional workers' compensation coverage in some markets. SeaBright sells its products through independent brokers and wholesale subsidiary PointSure Insurance Services. The company was formed in 2003 to facilitate a management buyout of Eagle Pacific Insurance. To read the full description, subscribe now.
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Key SeaBright Insurance Holdings, Inc. Financials
| Company Type | Public - NYSE: SBX Headquarters |
| Fiscal Year-End | December |
| 2008 Sales (mil.) | $267.3 |
| 2008 Employees | 316 |
SeaBright Insurance Holdings, Inc. Executives
17 executives listed for SeaBright Insurance Holdings, Inc.'s Seattle, WA location.
| Title | Name & Bio | Contact |
| Chairman and CEO | John Pasqualetto | Network |
| President and COO | Richard Gergasko | Network |
| Acting Principal Financial Officer | M. Philip Romney | Network |
Competition
Competitive Landscape for SeaBright Insurance Holdings, 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 SeaBright Insurance Holdings, Inc. Competitors
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