- PEMCO
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PEMCO Insurance 
Type Mutual Industry Insurance Founded 1949 Headquarters Seattle, Washington Key people Stan W. McNaughton, President/CEO Products Personal lines insurance – life, home, auto, boat Revenue $318.7 million (in 2010) Employees 650 Website www.pemco.com 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.
Contents
History
In 1936, Seattle schoolteacher Robert J. Handy took advantage of the newly legalized “credit union” 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.
Competition
Major insurance competitors include:
- Allstate,
- American Family Insurance,
- Farmers Insurance Group,
- Nationwide,
- Progressive,
- State Farm Insurance,
- GEICO,
- USAA,
- 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.
References
1. Virgin, Bill. "Nimble PEMCO looks to grow", The Seattle Post-Intelligencer, June 24, 2005.
2. Ebnet, Matthew "Longtime PEMCO Chief, 76, Beloved By Workers", The Seattle Times, January 20, 1998.
3. Puget Sound Radio Broadcasters Association. “2010 Soundie Award Winners,” May 2010.
4. Insurance Marketing and Communications Association. “PEMCO wins SAMMY Award at 52nd annual awards,” July 26, 2010.
External links
Categories:- Companies established in 1949
- Companies based in Seattle, Washington
- Insurance companies of the United States
- Mutual insurance companies
- Financial services company stubs
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