Austin Mutual Insurance Company · Maple Grove, MN United States
Company Description
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This link will open in a new window Austin Mutual Insurance sells personal and commercial property/casualty insurance, including automobile, homeowners, farmowners, and mobile home and other dwellings coverage. Other offerings include business owners coverage, commercial and personal umbrella liability, and workers compensation. The company does business in Arizona, Idaho, Minnesota, Montana, Oregon, South Dakota, Utah, Washington, and Wisconsin. The company has grown through acquisitions, including such providers as Northern Mutual Insurance and Waseca Mutual Insurance. Austin Mutual Insurance was founded in 1896 as the Farmers United Township Mutual Hail Association of Minnesota to provide crop hail and farm windstorm insurance. To read the full description, subscribe now.
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Key Austin Mutual Insurance Company Financials
| Company Type |
Austin Mutual Insurance Company Executives
11 executives listed for Austin Mutual Insurance Company's Maple Grove, MN location.
| Title | Name & Bio | Contact |
| Chairman, President, and CEO | Jeffrey Kusch | Network |
| First VP, Treasurer, and Director | Harry Dell | Network |
| Assistant VP Networks and Security | Thomas Jansa | Network |
Competition
Competitive Landscape for Austin 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 Austin Mutual Insurance Company Competitors
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