PEMCO
Encyclopedia
PEMCO Insurance is an American personal-lines mutual
insurance company based in Seattle, Washington
. Its name is an acronym for Public Employees Mutual Insurance Company.
” concept to found Seattle Teachers Credit Union (now School Employees Credit Union of Washington). Handy is reputed to have started the credit union with $5 in capital. Out of that enterprise grew a group of seven different but related companies, the largest of which is now PEMCO Insurance.
PEMCO has grown from premiums of $8,500 in 1949 to $318.7 million in 2010.
Today, PEMCO is the Northwest’s largest local personal-lines insurer, providing auto, home, boat, life and umbrella coverage to the general public.
The current president
and CEO of PEMCO Insurance is Stan W. McNaughton. He is the son of Stanley O. McNaughton, who was president from 1970 until his death in 1998.
PEMCO’s stated niche market
is in what some in the insurance industry refer to as “preferred risk”– that is, policyholders who are least likely to have traffic tickets or car accidents, and who take proactive steps to protect their own property with safeguards like car alarms, smoke detectors, and deadbolt locks.
Mutual
Mutual may refer to:*Mutual organization, where customers derive a right to profits and votes*Mutual information, the intersection of multiple information sets*Mutual insurance, where policyholders have certain "ownership" rights in the organization...
insurance company based in Seattle, Washington
Seattle, Washington
Seattle is the county seat of King County, Washington. With 608,660 residents as of the 2010 Census, Seattle is the largest city in the Northwestern United States. The Seattle metropolitan area of about 3.4 million inhabitants is the 15th largest metropolitan area in the country...
. Its name is an acronym for Public Employees Mutual Insurance Company.
History
In 1936, Seattle schoolteacher Robert J. Handy took advantage of the newly legalized “credit unionCredit union
A credit union is a cooperative financial institution that is owned and controlled by its members and operated for the purpose of promoting thrift, providing credit at competitive rates, and providing other financial services to its members...
” concept to found Seattle Teachers Credit Union (now School Employees Credit Union of Washington). Handy is reputed to have started the credit union with $5 in capital. Out of that enterprise grew a group of seven different but related companies, the largest of which is now PEMCO Insurance.
PEMCO has grown from premiums of $8,500 in 1949 to $318.7 million in 2010.
Today, PEMCO is the Northwest’s largest local personal-lines insurer, providing auto, home, boat, life and umbrella coverage to the general public.
The current president
President
A president is a leader of an organization, company, trade union, university, or country.Etymologically, a president is one who presides, who sits in leadership...
and CEO of PEMCO Insurance is Stan W. McNaughton. He is the son of Stanley O. McNaughton, who was president from 1970 until his death in 1998.
PEMCO’s stated niche market
Niche market
A niche market is the subset of the market on which a specific product is focusing; therefore the market niche defines the specific product features aimed at satisfying specific market needs, as well as the price range, production quality and the demographics that is intended to impact...
is in what some in the insurance industry refer to as “preferred risk”– that is, policyholders who are least likely to have traffic tickets or car accidents, and who take proactive steps to protect their own property with safeguards like car alarms, smoke detectors, and deadbolt locks.
Competition
Major insurance competitors include:- AllstateAllstateThe Allstate Corporation is the second-largest personal lines insurer in the United States and the largest that is publicly held. The company also has personal lines insurance operations in Canada. Allstate was founded in 1931 as part of Sears, Roebuck and Co., and was spun off in 1993...
, - American Family InsuranceAmerican Family InsuranceAmerican Family Insurance is a private mutual company that focuses on property, casualty and auto insurance, but also offers commercial insurance, life, health, and homeowners coverage, as well as investment and retirement-planning products...
, - Farmers Insurance Group,
- NationwideNationwide Mutual Insurance CompanyNationwide Mutual Insurance Company & Affiliated Companies is a group of large U.S. insurance and financial services companies based in Columbus...
, - ProgressiveProgressive CorporationThe Progressive Corporation , known as the Progressive Casualty Insurance Company through its subsidiaries, provides personal automobile insurance, and other specialty property-casualty insurance and related services in the United States....
, - State Farm InsuranceState Farm InsuranceState Farm Insurance is a group of insurance and financial services companies in the United States. The company also has operations in Canada....
, - GEICOGEICOThe Government Employees Insurance Company is an auto insurance company. It is a wholly owned subsidiary of Berkshire Hathaway that as of 2007 provided coverage for more than 10 million motor vehicles owned by more than 9 million policy holders. GEICO writes private passenger automobile insurance...
, - USAAUSAAUnited Services Automobile Association is a Fortune 500 financial services company offering banking, investing, and insurance to people and families that serve, or served, in the United States military. In 2011, there were 8.4 million members. The company reported a net worth of $19.3 billion in...
, - Amica,
- Liberty Mutual Insurance.
Awards
PEMCO has earned several awards for its marketing campaigns in recent years, including:- “Best Announcer,” “Best Client Campaign,” “Best of Show” and others at the Soundies, sponsored by the Puget Sound Radio Broadcasters Association, in 2008, 2009 and 2010.
- Several showcase awards including the coveted SAMMY "Best of Show" top honor for the TV ad featuring "Northwest Profile #4: 4-Way Stop, You Go. No You Go. No You Go. Guy" awarded by the Insurance Marketing and Communications Association in 2009 and 2010.