PEMCO
 |
|
| Mutual | |
| Industry | Insurance |
| Founded | 1949 |
| Headquarters | Seattle, Washington |
|
Key people
|
Stan W. McNaughton, President/CEO |
| Products | Personal lines insurance – home, auto, boat, umbrella |
| Revenue | $378.3 million (in 2015) |
|
Number of employees
|
570 |
| 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.
In 1936, Seattle schoolteacher Robert J. Handy took advantage of the newly legalized “credit union” concept to found Seattle Teachers Credit Union (now Inspirus Credit Union). 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 $378.3 million in 2015.
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.
PEMCO has earned several awards for its marketing campaigns in recent years, including:
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.
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Wikipedia