The Beacon Mutual Insurance Company · Warwick, RI United States
Company Description
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This link will open in a new window Safety's a beacon in the night (and day) at Beacon Mutual Insurance, a provider of workers' compensation, employers' liability insurance, and claim management services in Rhode Island. It is the state's largest writer of workers' compensation, where it has more than 13,000 policyholders. The not-for-profit organization operates under statutory duties to provide coverage at the lowest possible cost and to serve as an insurer of last resort. It also offers loss prevention services, including workplace and construction safety, defensive driving, and industrial ergonomics programs. Beacon Mutual Insurance was founded as the State Compensation Insurance Fund in 1990; it began writing policies in 1992. To read the full description, subscribe now.
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Key The Beacon Mutual Insurance Company Financials
| Company Type | Private - Mutual Company Single Location |
| Fiscal Year-End | December |
| Annual Sales (mil.) | $108.8 |
| Employees | 245 |
The Beacon Mutual Insurance Company Executives
13 executives listed for The Beacon Mutual Insurance Company's Warwick, RI location.
| Title | Name & Bio | Contact |
| Chairperson | Richard DeRienzo | Network |
| Vice Chairperson | Raymond Coia | Network |
| President, CEO, and Director | James Rosati | Network |
Competition
Competitive Landscape for The Beacon 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 The Beacon Mutual Insurance Company Competitors
Call Now at 866-464-3202 or Click here for a Free Hoover's Trial!